One of the most notable aspects of Thursday’s trading was the poor breadth in the Nasdaq, as only about 38% of issues closed higher. This is extremely rare on a day where the market rises. I looked at the possible implications a number of different ways in last night’s Subscriber Letter. The consensus whether looking at the effect on the Nasdaq or the S&P was bearish. Below is one study that looks at other times the Nasdaq Up Issues % (Advancers / (Advancers + Decliners)) came in lower than 40% while the S&P closed higher.

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Bearish results across the board over the following 2 weeks or so.