Average Daily Return

A different way to approach breadth is to look at the average daily return over a period. The charts below use a month to assess market strength over that period. Both the Dow & S&P 500 had their best January in the last 13 years. In fact, the SPY had its 17th best month of average daily returns over those years. The Nasdaq had an overall average daily gain for the month albeit the weakest of the last 13 years. As a comparison, 2012 was a much stronger start for the Qs.