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Technical Analysis: Power Tools for Active Investors by Gerald Appel

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The Weekly Impulse Continuation Signal

You have already seen the benefits of identifying periods of unusually favorable market breadth and of creating objective parameters to define market climates during which the odds strongly favor the holding of equity positions. New high/new low data was used for this purpose.

Another model employs a similar underlying concept: Achieving certain levels of positive breadth momentum suggests further market advance to come. This model employs advance–decline data rather than new high/new low data. Obviously, there are relationships between these two measures of market breadth, as well as certain overlaps in the periods during which each will produce its positive signals for the stock market. Nonetheless, there ...

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