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NYSE A/D Line

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NYSE A/D Line

Summary

The NYSE A/D (Advance/Decline) Line is a market breadth indicator that represents a cumulative sum of the difference between the number of advancing stocks and declining stocks on the New York Stock Exchange. It is used to gauge the overall participation in a market move and can reveal divergences from major market indexes, which may signal impending market reversals or significant drawdowns. As of May 2026, the A/D line is not confirming the S&P 500’s push to new highs — the same divergence pattern that appeared before both the 2000 mid-cycle recession and the 2008 cycle peak. Anderson treats this as a condition requiring “careful” monitoring as the cycle approaches significant Gann dates.

Core Claims

  • 2026-04-22-pse-market-update-gann-07 (2026-04-22): “The NYSE A/D line is a cumulative sum of the difference between advancing and declining stocks on the NYSE.” — Phil Anderson — confidence: high
  • 2026-04-22-pse-market-update-gann-07 (2026-04-22): “Diverging action in the NYSE A/D line and the S&P 500 has appeared before some of the biggest prior drawdowns at key turning points during the cycle, including leading into the 2008 real estate cycle peak and the mid-cycle recession in 2001.” — Phil Anderson — confidence: high
  • 2026-04-22-pse-market-update-gann-07 (2026-04-22): “Historically, a sharp deterioration in the A/D line can precede an S&P high by as much as two years (e.g., early 2000 peak).” — Phil Anderson — confidence: high
  • 2026-04-22-pse-market-update-gann-07 (2026-04-22): “A more common divergence involves the A/D line peaking or making a lower high, while the S&P 500 makes a new high (e.g., A/D line peaked June 2007, S&P peaked October 2007).” — Phil Anderson — confidence: high
  • 2026-05-13-gann-sub-email-gann-10-for-2026-market-update-13-may (2026-05-13): NYSE A/D line is currently not confirming the S&P 500’s recent push to new highs — “a negative divergence that we should watch carefully.” The A/D line peaked several months before the 2007 S&P high and diverged negatively for over a year before the mid-cycle high in early 2000. — Phil Anderson — confidence: high
  • 2026-05-13-gann-sub-email-gann-10-for-2026-market-update-13-may (2026-05-13): Five mega-cap AI stocks have accounted for half of the S&P 500’s gains since April 2026 — a concentration that directly explains the A/D divergence; the average stock is not participating in the index move. — Phil Anderson — confidence: high

Contradictions & Open Questions

  • None currently.

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