Above we see the S&P 500 Index (SPY) plotted against the total number of new 20-day highs minus new 20-day lows for all NYSE, NASDAQ, and ASE stocks. Note how new lows hit their maximum point in mid-October and held well above that level as we made new closing price lows late in the month. Since that time, stocks have rebounded smartly, and new 20-day highs have steadily expanded versus new lows, confirming the uptrend. For the first time in a couple of months, we're now seeing new 20-day highs significantly outnumber new lows.
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