A Compelling Sign Of Intermediate-Term Strength

Yesterday’s move to new highs was accompanied by very strong breadth. The Up Volume % on the NYSE came in at 91%. It is fairly unusual to see such strong breadth occur when the market is hitting an intermediate-term high. The results below show all non-overlapping instances of a 50-day SPX high with greater than 90% upside volume since 1970.

These results are very compelling. 100% winners (16 for 16) and the average instance closed up 5.8% when looking out 50 days. This appears to be a nice piece of evidence for the bull case.