To examine breadth one measure I use looks at the % rank of the % of up volume on a certain day over the last year. This reading is shown on the charts page every night. It is also part of the Tradestation package available for purchase (or free to subscribers). Monday’s Up Volume % breadth was among the lowest 2% of the last year. With the market also being down for the 4th day in a row, that triggered this study from the 11/17/10 subscriber letter.
I’m seeing lots of evidence suggesting a bounce is imminent. The last couple of days the market has not complied. I suspect it will fairly soon.