NYSE Common Stock Only Indicators

This is a big deal. A number of us (Kevin and I have had many conversations about this) have had reservations regarding using NYSE breadth data. The fact that there are a lot of fixed income and bond instruments on the NYSE makes traditional Breadth Analysis (New Highs / New Lows and Advance / Decline data) very distorted. But that is all we have (at least through Stockcharts).

But it is being separately tracked, and I hope Stockcharts eventually does carry tickers for it.

The bottom line is that there is an Equity Only version of the NYSE Composite (NYA in Stockcharts is for the whole thing) and Decision Point released a post on it. There is still no divergence yet, but this will be a more useful indicator to watch as we go forward.

Very interesting indeed.

From http://pragcap.com/nyse-common-stock-only-indicators. Read the whole post, but this is the chart of interest: