High Low

NYHL is a good indicator if the market is advancing on fumes or if there is something behind the rally.  NYHL divergence was mention here before, to show how a rally was losing steam.

But now NYHL is showing some strength behind the market.

Today NYHL popped up almost getting to a new high.  This signals that stocks are making new 52week highs showing strength in the market. 
What to watch for now is, if the NYHL can keep climbing the market can.  Notice how last time the NYHL spiked but then failed to keep climbing, but the market climbed.  Then we had a small 2 day drop in early August.
If SPX pushes up and NYHL doesn't there is the disconnect in the market and drop my be coming.  So watch this indicator the next few days to see if it follows through.

Here is a list of stocks hitting their 52 week high. See how many you would consider "leaders"