Market Internals (NH-NL)
Median 1M return: +1.6%, 73% win rate.
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NYSE new-highs / new-lows ratio + cumulative advance-decline + breadth thrust events.
- 72 signals since 2005.
- Median 1M return: +1.6%, 73% win rate.
- NH-NL ratio neutral (0.041)
% New Highs
13.9%
stocks near 52W high
% New Lows
9.7%
stocks near 52W low
NH-NL Ratio
+0.041
as of 2026-09-14
Cum A/D
+190.7
normalized to 0 at start
Bearish Divg.
2
signals detected
Breadth Thrusts
70
NH-NL > +0.30
Zweig BT
36
signals since 2005
When to run this study
Run when the market is near highs to check whether breadth is confirming or diverging. A divergence (price near highs, NH-NL deteriorating) has historically preceded corrections. Also useful during selloffs — NH-NL bottoming before price is an early recovery signal.
Historical results
Bearish Divergence — Forward Returns
| Period | N | Win% | Avg | Median | Best | Worst |
|---|---|---|---|---|---|---|
| 1W | 2 | 50 | 0.07 | 0.07 | 2.70 | -2.56 |
| 2W | 2 | 100 | 2.45 | 2.45 | 3.74 | 1.16 |
| 1M | 2 | 100 | 3.88 | 3.88 | 4.87 | 2.88 |
| 3M | 2 | 50 | 3.62 | 3.62 | 14.51 | -7.27 |
| 6M | 2 | 50 | 1.25 | 1.25 | 19.91 | -17.41 |