Tom McClellan: NYSE Composite Index better comparison for A-D Line than S&P 500

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NYSE Composite preferred over S&P 500

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Tom McClellan: NYSE Composite Index better comparison for A-D Line than S&P 500 — NYSE Composite preferred over S&P 500

Tom McClellan stated that the NYSE Composite Index is a more appropriate benchmark for comparing to the NYSE Advance-Decline Line than the S&P 500. He said there is no divergence between the Composite Index and the A-D Line, and noted that the S&P 500 has been pushed higher by what he describes as the AI bubble.

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McClellan has previously commented on technical indicators and their relation to market turning points. He highlighted that rare negative readings in the VIX and futures spread indicator tend to signal bottoming conditions for prices. In another observation, he suggested that a slower rise in C&I loans could positively impact the stock market outlook.

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