Post #4879 by lizgdal on the Mechanical Investing board

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NHNL is the number of Nasdaq stocks making new highs minus those making new lows. It has nothing to do with SPY.

The other 2 Bear Catchers (SMAslope and DBE) use ^GSPC. ^GSPC is a price index, not a total return index, and does not include dividends. SPY unadjusted price might be similar.

"The New High / New Low ratio is a simple interpretation of the Nasdaq New Highs to Lows index - $NAHL on Stockcharts. $NAHL is a measure of the net number of Nasdaq stocks making new highs to those making new lows."
http://mechinvesting.wikidot.com/newhighstonewlows

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