The High-Low Index is a breadth indicator based on new highs and new lows made on Nyse. New high refers to the number of stocks reaching a new 52-week high. New low refers to the number of stocks reaching a new 52-week low. The index is calculated by dividing the number of new highs by the number of new highs plus new lows. This ratio shows new highs relative to the total (new highs plus new lows). The High-Low Index is a measure of underlying strength or weakness of the S&P 500.
Bullish: New highs above new lows
Bearish: New highs below new lows
Watch out for divergences between the market and advancing issues