Copyright reminder: The following research note is intended solely for the use of subscribers. Redistribution in whole or in part is strictly prohibited

Significantly positive breadth on both the NYSE and NASDAQ despite Thursday’s down day. This never occurred prior to 2016, but since then we’ve seen 20 occurrences on the NASDAQ (only a handful on the NYSE). All but one led to a sharply higher NDX one month later. Average gain was 6.5%…

NDX -0.5%, Nasdaq Up Volume >60% of Total Volume
05/30/24… NDX ???
12/04/23… NDX +2.8% one month later
04/11/23… NDX +3.0% one month later
11/29/22… NDX -4.8% one month later
07/18/22… NDX +14.8% one month later
09/27/21… NDX +2.3% one month later
05/18/21… NDX +7.2% one month later
03/30/21… NDX +8.3% one month later
01/14/21… NDX +6.8% one month later
01/11/21… NDX +5.8% one month later
01/06/21… NDX +7.8% one month later
01/04/21… NDX +5.6% one month later
12/23/20… NDX +6.6% one month later
11/09/20… NDX +4.5% one month later
09/16/20… NDX +5.8% one month later
07/21/20… NDX +4.5% one month later
07/16/20… NDX +5.1% one month later
06/04/20… NDX +10.1% one month later
03/25/20… NDX +17.6% one month later
11/14/16… NDX +4.7% one month later
03/07/16… NDX +5.6% one month later

This signal also triggered on the NYSE for only the fifth time in history…

SPX -0.5%, NYSE Up Volume >60% of Total Volume
05/30/24… SPX ??? one month later
03/08/21… SPX +6.8% one month later
02/22/21… SPX +0.9% one month later
10/02/20… SPX -1.1% one month later
04/28/20… SPX +5.8% one month later

Copyright 2024 Yang Market Research - All Rights Reserved