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 Рit 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.

nyad

 

 

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