The AD Volume Lines
Breadth stats reflect continued preference to be overweight small and mid-caps, while underweight techs and large-caps. As the AD Volume Lines show, the S&P Midcap Index and S&P SmallCap Index remain the strongest. Both indicators for MID and SML remain above their 89-day EMAs, although the AD Volume Line for MID is currently testing the 89-day EMA (black arrow). The AD Volume Line for the Nasdaq 100 declined below its 89-day EMA in early March and remains weak (red arrow). The AD Volume Line for SPX is finding some support near the 89-day EMA and has yet to make a clean break (blue arrow).
