Post Source: ShortSideofLong
Chart Of The Day: Number of stocks making new 52 week lows is rising!
Source: Short Side Of Long
Today’s chart of the day focuses on US stock market breadth. The chart above shows long term US stock market breadth on the New York Stock Exchange, in the form of 52 week new highs vs. 52 week new lows. Breadth readings are averaged over 21 trading days or one month.
Interestingly, percentage of stocks making 52 week new lows has been rising for awhile now, and when averaged over one month, is now higher than the percentage of stocks making 52 week new highs. Technically, the internals suggest that the bears are in control of the short term trend for the first time since October 2014. A pullback or even a correction is now under way.
The chart does not include today’s breadth data, as selling pressure on Greece might make the above measure deteriorate further.