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Some improvement in breadth

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The big drop in August is now few weeks old and  during that drop breadth reached extremely negative territory. You can see that in Number of stocks up 25% in a quarter, those readings reached a low of 179 on 24th August. Readings below 200 are rare and indicate extreme bearishness.

Sine then there has not been any sustained big selling . Many stocks have bounced back on weak action.  For a new trend to establish a big and sustained buying pressure is needed. Absent that   we might get volatile range bound action. 

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