INDEX:ADDN   NYSE Advance Decline Difference
Underlying Advance/ Decline is in poor Structure.

The aggregate behavior of stocks within the Comp,
the broadest measure of relative Strength to confirm
the trend is near the lows again.

September brought tax-loss selling, it arrived early this year
with several follow on Distributions.

What is very different into the close of 2021 - while Equities
vulnerable to tax-loss selling, on balance performed roughly
in-line with Equity Reference Baseline - the S&P 500: the selling
was broad-based among the Small to Mid-Cap Producers.

Largely, the indices were held up by extreme concentration
within the 7/11 Equities.

No one bought "Deep Value" - it was sold wholesale as Risk
was adjusted to CASH. The losers were not simply sold, as
selling was a widespread panic masked by select Large Caps.


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