The indicator on the bottom of the 15-minute chart is a 20 and 50-Period EMA of the NYSE $TICK. Looking at the 50-Period EMA (White), we got a bullish divergence on 8/18/09, which led to the bullish day on 8/19/09. The $TICK simply was not confirming the correction to the downside.
We got a similar correction on 7/02/09, but that time the $TICK confirmed the downside correction. We did not see a bullish divergence until 7/10/09, as the $TICK started making higher highs as the broader market was still testing the recent lows.
I may talk more about breadth indicators over the weekend.
Charles
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