The 10 day high minus low indicator for the NYSE is the difference of the percentage of stocks making 10 day highs and 10 day lows.
The index created is a nice breadth indicator showing the strength of the underlying markets.
As of January 28th this indicator for the NYSE is showing a reading of -34.65%. That tells us that there is about 35% more symbols making 10 day lows then 10 day highs. That is easy to understand looking at the price action. Since the bull run from the March lows, this indicator has reached this point only once before, during the October correction.
This is showing an oversold reading here but as can be seen in the March lows, it can go lower. It is worth watching the next few days to see if a new post March 9th low can be made. Once curled up and on its way it usually moves gracefully back to the zero line.
[...] I wrote a quick post about this chart last night be on rally lows. A small bounce today as I mentioned yesterday and the day before will turn this current train wreck around. From yesterday this chart scored a neutral 0 since each index made slightly less 10 day lows than the previous day showing some bottom confirmation here. [...]