[isatrader]

The NYSE Percentage of Stocks above their 150 Day Moving Averages P&F chart has had a double top breakout today and so moves to Bull Confirmed status for the first time since the April top for the 150 Day breadth.

However, has occured below the key 30% level, and so is a tentative signal until it gets above the 30% level. But it is in a good field position and the 200 day is also close to a potential breakout. So I will be watching the breadth this week with interest and looking at the other breadth measures to see where the weight of evidence is. But I remain cautious still, as for example in 2011 there was an early breakout in the breadth below the 30% level that took another few months to get back above the 30% level and give the buy signal. I see it as the first positive development, but the weight of evidence will need improve in other areas as well like the advance decline and new high new lows.

So I'd say the improvements in the Percentage of Stocks above their moving averages would change the overall breadth status to Neutral imo.