From the desk of Steve Strazza @Sstrazza
We don’t need to dig too far into the internals to know breadth has been deteriorating since last week even as the S&P 500 was making new incremental highs. Most large-cap sectors failed to make new highs with the S&P as well as many other major indexes, including small-caps, mid-caps, and Transports.
We’ll talk about this more below. First, here is a new breadth indicator we’re looking at using the Anchored Volume Weighted Average Price (AVWAP).