The cumulative NYSE advance / decline line has made a new all-time high this week. NYAD Daily
The top panel shows the broad measure VLE (featured yesterday). As seen, it has failed yet to
recover its high, revealing the sharp slowdown in price momentum. The momentum of the A / D
line has also slowed but remains nicely positive (bottom panel). The chart also shows the RSI of
the A / D line. It is approaching an overbought level, which signals the market may be getting a bit
toppy for the short term.
- Peter Richardson
- Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!