Yesterday, the rise in the number of New Highs on the New York Stock Exchange reflected
an increasing appetite for stocks and buying by investors.
Although we monitor and post nearly 3 dozen charts on our paid site every
day, there are 9 specific charts that measure the "underlying fundamental" conditions
of the market, and the number of New Daily Highs is one of them.
Each of those 9 charts/indicators have an associated Red/Yellow/Green daily
rating showing their individual conditions.
At the close yesterday, the New Highs Indicator received a "Green Condition" rating
because it closed at 297. On today's chart (seen below), a minimum of 100
is a very important level in a rally. 150 is what I want to see, so
297 is a strong reading.
Marty Chenard is an Advanced Stock Market Technical Analyst that has developed
his own proprietary analytical tools and stock market models. As a result,
he was out of the market two weeks before the 1987 Crash in the most recent
Bear Market he faxed his Members in March 2000 telling them all to SELL. He
is an advanced technical analyst and not an investment advisor, nor a securities
broker.
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