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The number of NYSE stocks making new highs peaked at 496 on January 11, which confirmed the price highs. This was one of the key reasons that I viewed the decline into the mid-February lows to be a correction within the intermediate-term trend and not the start of a major new downtrend. On Friday, the new highs jumped to 449 and therefore could confirm new highs in the NYSE Composite. This would be positive for the next few months. The A/D line is still leading prices.
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