Investors are always looking for new indicators about what the market is going to do next, but what about confirming a change of action to the downside?
Many old timers use a mix of indicators for that purpose and one of them is the number of new Daily Lows on the New York Stock Exchange (12 month basis).
Typically, conditions don't get into a trouble zone until the NYSE New Lowsgo above a level of 50.
As you can see on today's chart, even if you had a chart or model saying that the market was starting to turn down, you wouldn't have had any confirmation for that yesterday because the NYSE New Lows came in at 12 which was way below50.
