If new lows start to expand, the former, if they do not, but new highs still expand (beyond 150 on the Naz) on a retrenchment, then it could definitely put another leg up. However, right now, I doubt that such an expansion is going to happen, we did not even reach 100 new highs on the Naz, though we are at the same levels as earlier this month (when we got about 125 new highs), of course this is just one data point out many others, but apart of price action of indices (and then really mostly the Naz) there are not many good points, here. Considering the fact that it was expiry, the volume is also quite weak (not even as high at 3/21 the first time we got back here after the January top). It will take too long to point to each of some 15 "bad indicators" vs just 7 that are not really good, but improving. Some of the "improving" indicators are sometimes "coincidental" top indicators (you never know if they have reached an extreme or will continue to rise...). In that respect, they act like the VIX and VXN, just being "low" )or high) is not enough, they got to reverse first before they indicate a top is in place.
Zeev
