Even with the strong move to a new 30-day high on Friday new highs were unimpressive. In fact they were beneath new lows. I decided to examine the possible significance of this:

Results appear choppy and under perform a random sampling. The instances are quite small, and before jumping to conclusions it’s important to isolate the affect of the indicator. So below is the same test when news highs exceeded new lows:

These results are worse than the 1st case where lows exceeded highs. So while the market may pull back (which it frequently does after making 30-day highs), the blame shouldn’t be laid on the lagging number of new highs.