Market Internals 2012-05-14By on 2012 May 14 Mon 8:36:18
Did not post an update on the breadth readings for quite some time. My bad.
The main theme so far over past 2 weeks is that since Tick16 long term has went into negative territory, first and 2nd overbought in 3-Day Advance Issues are good sell setups.
Now as the selling going fine, and that Tick16 LT has recovered, a flush low in price with oversold in 3-Day Advance Issues will give us a strong swing bottom.
It can happen within a few days due to the fact that ES is likely to trade below previous week close.