If time permits, I'll make this a weekly report. Instead of using the dozens of breadth tools, we'll just take a look at breadth using NYA / VTI for USA and then ACWI for global indexes.
NYA & VTI are not the same but closely approximate; NYA has a lot more past history but VTI on tradingview.com gives real time instead of end of day pricing.
VTI currently breaking YS1 / 1HS1 combo, bearish. Next major support is significantly lower at 85 area. No RSI divergence on the lows.
VTI daily with medium-term (quarterly & monthly ) pivots added. You can see just one day above the FebP, a drop below, then a clear top and rejection. The last 2 days have traded below the YS1 / 1HS1 combo, bearish. Just below is FebS1 & Q1S2. While these maybe enough for a bounce or pause, I would be surprised if a drop of this magnitude and momentum was able to put in *the turn* on a quarterly ie medium term level. My view is recovery of YS1 has to happen, or we'll see 1HS2 / YS2 area down near 85. Additionally, there is nothing bullish about the RSI pattern here with several days oversold, bounce to 50 area, and straight back down.
Interestingly ACWI is above its YS1 at 49.76. But below that opens the door to 45.
Like VTI, ACWI only lasted 1 day above the FebP and once it tested the pivot again, went straight down to FebS1. For now, trying to hold YS1 and FebS1 combo just below. Next support is significantly lower. It will be interesting to see if other global indexes hold their YS1s.