Advance/Decline Line At New High
The rally over the past week has been impressive, and its breadth has been expanding. Enough securities have been rising that the NYSE Cumulative Advance/Decline Line made a new high on Thursday.
This is typically taken as a sign of healthy and liquid markets and has done an admirable job of it over the years. The A/D Line gave a heads-up on potential trouble last fall, and potential good vibes earlier this year. When it hit a new high while the S&P was modestly below its own high, the index typically caught up to the A/D Line. See the June 13, 2019 report for more detail.