Do New Highs Point To Strength Or Bullish Delusions?
Is something positive stirring in this market? Certainly the balance between new highs and new lows has improved since the major indexes marked intraday lows on Nov. 16. In the four sessions leading up to and including the market low on Nov. 16, the combined NYSE and Nasdaq new highs and new lows looked like this: 52 highs vs. 209 lows; 35 vs. 275; 21 vs. 340; and 26 vs. 262. The negatives dominated. Now consider the four sessions after and