Breadth Sending A Key Market Message
This Is Very Constructive For The Stock Market
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Despite chaotic headlines, conflicting macroeconomic variables, and a sizable drawdown in many stocks, breadth has just hit an all-time high.
In this article, "breadth" is referring to the cumulative advance/decline line (A/D line).
That is simply each day's net number of advancing minus declining stocks, which is added to the previous day's total.
If more stocks rose than fell, the number will increase, and vice-versa.
Among the first, the cumulative advance/decline line for the Dow Industrials hit a new record high last week, despite the index itself being around 10% below its prior high.
The last time the Dow was in a correction while its A/D Line hit a new high was nearly 15 years ago.
In over 60 years, it's happened only a handful of times, shown in the table below.
What's most notable among them is their consistency, with no significant losses across any time frame.
The upside wasn't all that impressive, but the lack of downside was.
In fact, since 1962, the 12 month time horizon has shown a 100% success rate for a higher Dow index.
But this is just data for Dow.
We have to look at what Nasdaq and especially the S&P 500’s cumulative advance/decline line is doing to really be able to position for what’s coming next and Make Money from it.
That’s exactly what we’ll cover in the Premium Section!
We’ll also take a look at what sectors are likely to outperform next (based on historical data).
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