Don't Ignore This Chart!

New High Surge Shows Broadening Participation


The S&P 500 surged over the last four days and new highs in the S&P 500 expanded to their highest level since March 2015. The chart below shows $SPX surging around 5% in four days and new highs exceeding 80 the last two days. Even though the index did not exceed its May or November highs, new highs expanded significantly and this shows broad strength in the S&P 500. This means 16.4% of stocks in the S&P 500 hit new highs on Friday. Not bad at all. I will show how to create this chart after the jump. 

This chart was created by selecting "Price Up/Down Pair" as an indicator and then entering the two symbols in the parameters box (separated by a colon - !NEWHISPX:!NEWLOSPX). You can change the index symbol to see new highs and lows for other indexes as well ($SML, $MID, $NDX). 

Thanks for tuning in and have a great day!
--Arthur Hill CMT

Plan your Trade and Trade your Plan

Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at 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. Learn More
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