Chart o’ the Day: Advance / Decline Cools Off

One of the more remarkable features of the rally that may or may not be continuing was the explosion in advancers vs decliners in April – it was like a mass-realization that this thing was for real and all of a sudden every stock began to reflect that.

Unfortunately, it creates a rounding top of sorts for the NYAD line on a cumulative basis. This could be something, could be nothing, but I’m a big believer in breadth as a key market tell.

Below you’ll see a daily chart of NYSE advancers vs decliners (cumulative) going back one year, the pane beneath it is the plain old NYSE Composite price index for some context, click to embiggen.