Today, we are reporting on the raw data for the daily NYSE New Highs. On this chart, a minimum of 100 is a very important level in a rally, and 150+ is what I want to see. 50 is neutral, and less than 50 is historically Negative.
(Reference information: This chart is only 1 of the 9 "Underlying Market Condition" charts that are posted everyday along with our market signal models and charts. From those charts, an Underlying Market Condition matrix is posted that shows the daily number of Negative, Neutral, and Positive readings.)
So, what does this chart look like after the close on Friday?
On Friday, the NYSE New Highs came in at a high reading of 373. That was strong enough to prompt the question of "whether or not the New Highs were starting new trending rise pattern?".
So, what's the answer? If Friday's level can sustain itself, this could be the start of a new trending rise which would mean that the Bull market's rally will continue for weeks. This would be true if all 9 Underlying Market Conditions shown in our matrix remain net positive.
(We would like to, but we don't post the daily matrix of Underlying Stock Market Conditions on this free site in fairness to our paid subscribers. Thank you for your understanding.)