New Highs, New Lows. 17/3/2010

Here's a chart I haven't shown before.

It tracks the net New Highs/New Lows for the 50-Leaders (XFL) on the Australian Stock Market.

The blue line is the raw figure, the Yellow Line is a 5-Day Average, and the Orange Line is a 13-Day Average.

Although the market is making new highs on the indices, the raw figure has turned down and the 5-Day Average has crossed below the 13-Day Average.

The previous two times this has happened (mid-October and early January) the market went into significant declines.

Will history repeat? I don't think I'll be betting against it.

Cheers

Red