With all the digital ink being spilled over the "problems" with breadth not confirming the V-shaped recovery, we thought we would show how wrong that analysis is.

When we looked at the advance-decline line in ratio to the SPX, price we saw that in both the 2000-02 and 2008 bear markets the ratio dropped significantly, which means that the advance-decline line did worse than the SPX price, but in the virus-induced pullback the ratio increased, which means that the advance-decline line did better than the SPX price; positive breadth even as the price collapsed.

This confirms the veracity of the quick recovery in the SPX (chart below).

(Click on image to enlarge)