Here’s one you don’t see often.  While the S&P 500 is still more than 3.5% off of its record closing high, breadth has been very strong.  The chart below shows the cumulative A/D line of the S&P 500 over the last twelve months.  Leading up to the peak in January, breadth and price tracked each other closely.  Since that high in January, though, breadth has held up extremely well.  In fact, back in March when the S&P 500 made its first attempt at a recovery, the cumulative A/D line actually made a new high.  Since then, the trend has remained the same.  With each market pullback, breadth has seen smaller declines.  As a result, since the S&P 500’s record high in January, its cumulative A/D line has made ten new record highs.  Furthermore, if breadth finishes the day positive (as it is now), Friday will mark the fifth straight day where the S&P 500’s cumulative A/D line made a new high.  Five record highs in the same week?  You don’t see that very often!

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