I also cover the NYA in the USA main index post every weekend, but I do think it is that important. When NYA is on your side on a USA index position it will usually work.
Both NYA and ACWI stalled at key pivot zones. The NYA reached its 1HP on 3/18 and was unable to close above, then had a rejection bar on 3/23. ACWI reached its Q1P and was near the level 3/18-22 until a rejection on 3/23.
Despite the strength of other popular breadth indicators, the inability for key institutional indexes to reclaim long term pivots is a cautionary note. We may yet see a second attempt and clear, but that is conjecture at this point.
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Using daily charts to illustrate precision of the pivots here. NYA resistance exactly on the 1HP, and if that clears then it will be dealing with the YP.
Here are the quarterly and monthly pivots, but these will be changing on 4/1. The 2nd move above the FebP confirmed the bounce scenario.
ACWI managed to close above the 1HP for 4 trading days but fell back under with clear rejection on 3/23 with decent volume. Like NYA, it was also close to running into its YP.
And there is ACWI running into its Q1P which was exact on the high.