There are many breadth tools out there but here we just check pivots on the institutional indexes NYA (or VTI if you prefer) and ACWI for global stocks.

NYA weekly below with long term levels only. Although there was a scare in early 2015 with one weekly close just under the YP, it was not clear rejection and quickly recovered. But August 2015 was another story with a huge break of the YP and clear rejection of the 2HP. The low was bang on 1HS2, but the failure at the YP in November was the tell, in addition to opening below all pivots for 2016.

Now what? NYA has recovered its YS1 9350 and 1HS1 9424 twice, so as long as it holds above this support zone breadth is for real and market may continue recover. Back under these levels a third time, especially if we see a clear push down from 1HS1, would likely be very bearish.

Daily chart showing medium term levels only. NYA was above the FebP on the first trading day, then fell below with the level acting as clear resistance for a few days after that. The result was a move down to FebS1 with a big recovery the next day. Yesterday's bar convincing recovery of the FebP, so medium term bullish above that level.

Here's a very similar looking ACWI weekly. The difference between highs above YR1 / 1HR1 combo in 2015 1H with the strength of China, but equally clear breakdown in August. ACWI also managed to recover its YP briefly, but failed especially towards the end of the year with a clear rejection bar.

This time it has held its 1HS1 / YS1 levels with breaking at all on weekly close; easy call more bullish above 50.47 / 49.77 respectively.

And here's the daily with medium term levels. FebP recapture looked good yesterday so very easy bull / bear line from here at 52.30, at least through the end of the month.