First, let me direct you to an excellent new piece by Mr. Jeff Pietch, The Gambler’s Fallacy, where he details the statistical improbabilities of 14 successive up days. Plus, there are a few more goodies in his article.
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For the most part, breadth expanded while price rose. There are some very mild divergences developing.
Mild divergences are developing with the number of stocks in an uptrend (4th pane from the bottom). Looking at the gray histogram, we see that although price is making a new high, our number of stocks in an uptrend is not. A similar divergence is developing in the same pane with the red line, which represents the number of stocks trading above their 5 day moving averages.
The raw advancers/decliners (2nd pane from the bottom) is showing a very small divergence as there were fewer advancers today and more decliners. This means we did not close out our trade that we opened yesterday based upon the buy signal this measure generated.
Finally, the 52 week new high – new low indicator (bottom pane) shows a surge in new highs, but it has not surpassed the reading in October.
All in all, these are very very mild divergences and are certainly nothing that we would make me want to open a large short position.
