![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhUEb-Js7r7kbY1io1WGpyGpLgRXGy-xnxqawARyg-68IWGiB2NsqcBWAr7pleRIrdbxTQUVCw04QPPiUI9PX45xqiUggoQKp4v-5-RNnmLVt0H-gEVd68KywDeweVBI6yLJqWs/s320/HiLo032510.gif)
Note the deterioration in new 20-day highs minus lows in the last two weeks (pink line above), even as the S&P 500 Index (blue line) has been making bull market highs.
I noted earlier that there were significant divergences occurring within and across stock markets. Those are showing up in the new high/low figures.
At this juncture, we're not yet seeing a significant expansion of stocks registering fresh 20-day lows. Rather, we're seeing a narrowing of the rally, such that fewer stocks are making new highs.
An expansion of lows would suggest a more serious potential breakdown of the market uptrend.
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