Wednesday, August 06, 2008
Higher Prices, But So Far Not More New Highs
If you click on the daily chart of the S&P 500 Index (SPY) above, you'll see in blue the number of stocks across the NYSE, NASDAQ, and ASE that registered fresh 20-day highs at the current and previous market peaks. Mad props to the Barchart site for the new high data.
Although we touched a new rebound price high in SPY and in the NASDAQ 100 Index--as noted in this afternoon's Twitter post--we have not seen an expansion in the number of stocks making fresh 20-day highs.
I'll need to see an expansion of new highs in order to consider the current move a solid breakout candidate. And, while we're at it, I'd also be encouraged if we could see the financial and housing stocks participate in the new highs.