Chart of the Day - Friday, June 14th, 2019

Today's chart of the day was shared on Twitter by Neil Blalock, (@NeilBlalock). It's a daily candlestick chart of the Nasdaq Composite with the % of stocks above their 200-day moving average on top. The price action this week from the index was unexciting, as it simply consolidated at its 50-day moving average. Neil points out that while the market was moving sideways, breadth was quietly improving, as measured by the % of stocks above their 200-day moving average. He views this as a positive but adds that he'd like to see that % get above 46% (red line). You can see that the index has show strength when the indicator has been above that level in the past. With the Nasdaq only 4.5% below its all-time high it'll be interesting to keep an eye on breadth metrics like this one as a signal for further upside.