This is the percentage of stocks on the New stock exchange making new highs divided by the whole spx . The breadth shows that the bull market continues to be driven by fewer and fewer stocks, as the spx breaks to new highs however fewer and fewer stocks on the NYSE making new highs, driving the ratio down, especially within the recent months.
This is not something new, and i believe this ratio should be taken into consideration only in an aging bull market.
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