An indicator that measures the percentage of individual series that are positive compared with a basket or list of securities. An example might be the percentage of 80 or so stock industry groups that have a positive rate-of change for a given time span. Alternatively this calculation could measure the percentage with a positive moving average relationship. It is generally interpreted in a contrarian way i.e. when all or close to all the series are positive things cannot get much better and the market in question is said to be overbought or overextended on the upside and vice versa.
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