Advancers and Decliners

Here is a chart of NYAD (Advancers-Decliners), notice anything different about the latest "dip". Breadth is stronger to the downside this time around then the previous market pullbacks.

NYAD has broken below its 3 important moving averages and it broke it's up trendline since March(trendline is not drawn on the chart). During this rally NYAD had never dropped below its 39EMA. It is now failing to get above the 39EMA and the other moving averages are crossing and looking bearish. If the 19 EMA crosses the 39EMA it can be seen as bearish. Of course breaks above these moving averages would be bullish and if NYAD starts leading price it would be even more bullish. But for now the NYAD looks bearish.

Here is NYAD in 2007-2008; notice when the NYAD moving averages cross