The image below shows three charts:
- Top frame: /ES (SPX futures contract). Note that there are 7 distribution days in the past trading month (higher volume down days).
- The green-line chart is a custom index made up of 50 stocks in the 90th percentile for relative strength.
- The red-line chart is the opposite of the green line in that it's 50 stocks in the 10th percentile for relative strength.