Market Breadth Indicator – Advance Decline Numbers Outlook For Thu Apr 18 2019

Wed Apr 17 2019 saw the S&P move to 2916, just 25 points from the 52 week high and all-time high. The index though slipped back and closed at 2907. Volume picked up as the day wore on and the mid-afternoon dip saw the heaviest action both on the buy and sell side. You can see that the index has an unfilled gap from April 12. It is rare when gaps such as this one are not retested and filled.

S&P 5 day chart to Apr 17 2019

For now the gap is still not tested but a dip on Thursday down to 2890 could test the gap and result in buyers returning. However as Thursday is the end of a short week, we will probably not see much upside action on Thursday, just sideways action. You can see in the 5 day chart that each day has opened with the index jumping and then selling lower. Buying SPY ETF put options at the open each day this week and selling them at the close, would have worked well.

Advance Decline Numbers Outlook for Thu Apr 18 2019

Here are the market breadth indicator signals along with advance decline numbers from the S&P 500 Index and NASDAQ Index from the close of trading on Wed Apr 17 2019.

Members should review these signals as there are some further changes from Wednesday’s close.

The market breadth indicator analysis and outlook is for FullyInformed Members.