Like the S&P 500 index itself, the Cumulative A/D line, which measures the net daily number of stocks in the index rising or falling, also hit a new high today.  For the last two years now, the cumulative A/D line has consistently either tracked or led the S&P 500 to new highs, and today’s new high is just the latest example.

With equities starting to fade into the lunch hour today after the President’s ‘VERY” impactful tweet on trade, we’ll be watching to see if the new highs in both price and breadth can hold into the close.  We would note, though, that breadth hasn’t seen as large of a pullback as price which is a bit encouraging.  Start a two-week free trial to Bespoke Institutional to access our 2020 Outlook Report, interactive tools, and much more.