Although we seemed to be headed toward a test of recent lows this past week, the cumulative adjusted NYSE TICK line has continued to show relative strength. Should we get that retest of lows, a number of indicators appear to be setting up non-confirmations. In addition to the TICK line, we're also seeing a very modest number of stocks hit fresh 20-day lows. On Friday, across the NYSE, NASDAQ, and ASE, we had 280 new 20-day highs, against 418 lows; Thursday had 297 new 20-day highs and 417 lows. Compare that to the 2564 new 20-day lows on October 24th and the 6561 new 20-day lows on October 10th. I will be watching these indicators closely to see if participation continues to wane on further weakness.
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