Recent Market Strength

With the dramatic price action today I thought it would be nice to look at the Bonde Market Monitor indicator.  Remember that this indicator is constructed by calculating the number of stocks down a certain percentage over a certain period of time and subtracting that from the number from stocks that are up the same percentage over the same period of time.  The chart below gives the market monitor calculated from the S&P 500 index, using 15% over 30 days and 35% over 90 days. 

 What I think is important to point out is that the lows of mid-March were not matched by new lows in either of the market monitors.  This divergence is bullish.