NASDAQ Breadth

As I suspected from the 3C readings in to higher prices, breadth has been falling apart, meaning fewer stocks are participating in the advance or said another way, the market is getting thin. These are some of the concerns I've had the last few days with the market advancing on lower volume in a parabolic fashion, we really needed a decent pullback in the short term before trying to tackle resistance today-the market would have been in better shape for the move.

 The NASDAQ 100/ A/D ratio peaked this morning and haas been on a downward trajectory since. Also notable s the fact the NASDAQ hasn't added much in terms of price gains since that point.

The % of NASDAQ stocks making new highs also peaked (on a 5 min scale) this morning and has been headed down since. This is what happens when a market advances relentlessly without normal, healthy corrective pullbacks.

 Here's today's 1 min 3C for the Q's

 When a 1 min negative divergence persists without a pullback, it generally spreads to the longer and more important timeframes, this is the 5 min now negative.

And the 15 min. is also negative.

You can see now why I was hoping for a pullback yesterday and the day before to establish a base and wring out the excesses, now they'll likely be wrung out by a deeper correction.