The equity ‘market’ has felt odd recently. A look beneath the surface confirms this suspicion. The 30 day Nasdaq advance-decline line is plotted below the composite index. The AD line closed at -637 today. The magenta dots indicate readings of -600 or lower. Previous readings this occurred at the Dec 2018 low and for several weeks in March-April 2020 (the first reading was 3/18/20). Prior to the last few years, readings this low occurred in October-November 2008 and during the 2000-2001 decline! Those periods are shown in the charts below. So, the A-D line is ‘oversold’ yet the QQQ closed a bit more than 5% off of the all time high today. All of the prior ‘extreme’ AD readings occurred after for more meaningful declines. The only takeaway I have is that if the index continues to decline but the A-D line improves then look out below because the next low won’t be until the next extreme A-D reading.