The stock market has been correcting in recent weeks, which can be seen in the above graphic that tracks intermediate-term market strength. This measure is derived from the number of SPX 500 shares that make fresh 5, 20, and 100-day new highs versus lows. (Raw data from Index Indicators). What we've been seeing is a diminishing number of shares making new highs. On an intermediate-term basis, we've also seen some expansion in the number of stocks making new lows. For example, across all exchanges, fresh one-month new lows have outnumbered new highs for the past four trading sessions.