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Chart of the Week

Current Chart: Updated May 23, 2016

Our Negative Leadership Composite gauges the degree of selling pressure in equity markets. Since the start of the year, it has given two conflicting signals. At the end of July 2015, the “DISTRIBUTION” component [2* - shaded region] started to signal bear market risk with readings of -100. However, with the decisive rebound off the February 2016 low, a bullish “SELLING VACUUM” developed, moving up to +39 by May 2. Since that time, the upward momentum in the “Selling Vacuum” has stopped, and the “Selling Vacuum” has eased back to the current reading of +31 [1*]. We are watching this key indicator closely to determine whether the “Distribution” reading was a false bear market signal or whether the bullish “Selling Vacuum” is actually a trap that may continue to weaken in coming weeks. Stay tuned as we update this key indicator on a weekly basis...

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