Of course, we can additionally apply this and similar composite / breadth indicators to many major indexes and ETFs. New highs/lows within indexes and ETFs are some of the most powerful technical statistics I have ever used. I also developed a new statistic of new 1st day highs and lows. You can often see a rally or decline losing steam as it peaks or bottoms hitting more and more new component highs or lows while 1st day highs or lows decline. If you think about it, it makes sense. Now we can see it happening I also generate quarterly high and lows (in addition to the traditional 52 week). They work more or less the same way but for a shorter time perspective. Best Larry Carhartt PS Here's an updated S&P 500 Index MetaStock chart showing the highs/lows mentioned: http://www.masterdata4me...ample_Chart6_NewHiLo.htm