Even though stocks have been rising since early March, the cumulative Net New Highs indicator has been flat since early March. This shows a virtual stalemate between new 52-week highs and new 52-week lows. Obviously, the market can rally with a stalemate. Trouble could start if this indicator moves lower again.
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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