No problem. Happy to help. Like so many people on this board, I do a lot of reading and research. The information I shared represent the collective thoughts from several people who have written on the subject matter. One of the more helpful was Michael Burke of AAII. He was kind enough to respond to my e-mail several weeks back and his response prompted me to continue my research. Burke himself uses NASDAQ-based breadth indicators, for some of the reasons I noted in my previous message. It was sort of a relevation to me, because I always thought of the NASDAQ as being mostly tech-oriented, which clearly is not the case. I guess this is the beauty of studying the stock market. Everytime you think you've learned something, you realize you've learned nothing in the overall scheme of things. I guess that is what keeps us going!!!