A look at one intermediate term market breadth indicator

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NYSE new highs             ( INDEX:HIGN             ) - lows ( INDEX:LOWN             ) shows a recent downward trend (red linear regression trend line ) and the smoothed moving averages threatening to fall and remain below 0. We'll see whether this recovers like it did the the last quarter of 2014. This is not yet enough to become bearish , but it's certainly a warning to pay attention in the weeks ahead.

The chart below shows the nyse composite             ( NYA             ) weak relative to S&P500             ( SPX             ), which implies only a few stocks are propping up the SPX             . This is another bearish sign. The pink line is the IUX             which represents the russell 2000 small cap stocks , which like NYA             , are weak relative to SPX             .

These are all signs for caution in the coming weeks.
In particular, you should spend no time at all thinking about those rosy scenarios in which the market goes your way, since in those situations, there's nothing more for you to do. - William Eckhardt
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