Brett Steenbarger submits: Whenever a market makes new price
highs or lows over a period of time, I like to examine whether the
number of individual stocks making fresh new highs or lows has expanded .
This tells me whether the move has been broad-based or simply dominated
by a limited number of sectors. Interestingly in the recent market,
we've seen considerable sector rotation, with new highs lagging as the
stock indexes moved higher. Most recently, however, as noted in my Twitter comment , we've seen leadership from the small caps as well as NASDAQ stocks, suggesting a broadening of the rally.
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