August 20, 2024

The decline across markets from the July 16^th high to the August 5^th low has now been largely erased.

What’s more, the strength of the rally has been very broad as evidenced by the fact that Percentage of New Lows measures have fallen to notably small levels across 10 Day, 1 Month, and 3 Month time frames.

July 16^Th – Aug 5^th:

RSP (SPX Eq Weight):                               -5.17%

INDU:                                                         -5.50%

SPX:                                                           -8.49%

IWM:                                                           -9.97%

NDX:                                                           -12.27%

August 5^th – Aug 19^th:

RSP (SPX Eq Weight):                               +5.68%

INDU:                                                         +5.67%

SPX:                                                           +8.14%

IWM:                                                           +6.43%

NDX:                                                           +10.46%