U.S. breadth recovery and weakening overseas breadth
The U.S. stock market's recent correction saw most of the NYSE's issues fall with it. The NYSE Up Issues Ratio fell to the lowest level in months. But the stock market's bounce over the past 2 days has pushed this figure back up to 85%:
Such choppy breadth and price action usually occurred during a bigger correction/bear market, and the S&P usually fell further over the next 2 weeks:
In Asia, a large % of Hong Kong stocks are oversold:
When this happened in the past, the Hang Seng Index's forward returns were a 50/50 bet:
But the Shanghai Composite's forward returns were consistently more bearish than random:
In Japan, 35% of the Nikkei's members triggered a MACD sell signal in the past 10 days:
This was not consistently bullish nor bearish for Japanese equities: