Weekly chart
10 week average of NYSE new highs in blue, new lows in red. Other new lows of recent magnitude involved more than -2.9% drop.
Daily
Places where new highs (blue) crosses back above new lows (red) have been good places to recommit to bullish view. Also, fewer new 52 week lows on NYSE than at any point since late February. Until we see that line increasing, i view fewer new lows as bullish for stocks.
