One of my side projects for years has been thinking of different ways to measure market breadth. I've often gravitated toward approaches that involve evaluating individual names and then generalizing from there.
I wrote a piece recently on seeitmarket.com that presents one of those approaches, called the 20/40/60/80 Portfolio. I put the S&P 500 in a certain order (in this case, based on six-month performance) and then review charts at different percentile ranks.
Overall, fairly bullish configuration at this point.
You can read more over at seeitmarket.com.
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