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Technical Analysis: Power Tools for Active Investors by Gerald Appel

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The New York Stock Exchange Advance-Decline Line

Relating to Advance-Decline Breadth Data

In a general sense—I know of no really firm parameters—certain observations can be made regarding the relationships between the movements of the daily and weekly advance-decline lines (internal market) and the various weighted market indices (external market). The Value Line Arithmetic Index, an unweighted index that includes all the issues in the Standard & Poor’s 500 Index plus 1,200 additional stocks, appears more correlated with the New York Stock Exchange–based advance-decline line than other market indices, such as the Dow Industrials and the Standard & Poor’s 500 Index.

The advance-decline line and the Value Line Arithmetic Index are both fine indicators ...

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