by Clif Droke, Gold Strategies Review
Since bottoming in February, the stock market “tape” has been very constructive. The NYSE advance-decline (A-D) line led the rally off the February lows, which is the first thing we look for when judging the strength of a bottom. Even more importantly, the cumulative NYSE new highs-new lows indicator continues to climb off its bottom of a few weeks ago and is advancing on a daily basis (below). Internal momentum, as reflected in the highs-lows, also remains positive.