Is the NYAD saying "nyet" or "not yet" to another big move?

The advance-decline indicator for the NYSE (measured by the symbol NYAD) shows a healthy rebound for today's action. This indicates that the potential for yet another rally high as indicated by the ChartsEdge weekly cycle forecast (at ChartsEdge, see site in list at right or look under "Chartsedge weekly" label) actually cannot be ruled out. But do note that the move up in the NYAD is also just a partial rebound, so it looks like it's coiling sideways for a number of days (a few weeks in fact). It's trying to remain above the zero line. Falling under the zero line will be bearish so we'll have to watch it. I'm already in the mode of thinking the equity markets pull back, or worse - so maybe another way of phrasing this is to say, we'll keep an eye on whether the NYAD moves higher instead of dropping.

Added - the S&P 500 level of 862.84 is the Fibonacci .707 retrace from 667 back to 944. That's a level rather common when price is aiming for and overshoots the .618. Why should we care? One maverick idea would be that the rally from the early March lows is a second wave pullback. I'm not putting that idea out front unless a test of the March lows deteriorates into new lows. But we can note that the market tried, but couldn't surmount the 862.84 level today.

The case for the rally being done for now with a pullback being underway is actually still viable since Tuesday pushed under Monday's low, the SPX didn't close higher, and we've got the VIX so far respecting its Friday low.