Over the past week, there wasn’t a lot of movement in my core market health indicators. It looks like we’ll have to wait and see if the current bounce holds or not.
One thing that is showing a lot of improvement is the NYSE cumulative Advance Decline Line (NYAD). It is leading price on the S&P 500 Index (SPX) and moving above its last high. This makes it much less likely that we’re painting a long term or even intermediate term top.
My core indicators are showing lackluster response to a small bounce in price, but NYAD is signalling that there’s not much chance of a large decline starting from here. I’m in wait and see mode without much worry.