Overview

The Accumulation/Distribution is a momentum indicator that associates changes in

price
and volume. The indicator is based on the premise that the more volume that
accompanies a price move, the more significant the price move.
Interpretation
The Accumulation/Distribution is really a variation of the more popular On Balance
Volume indicator. Both of these indicators attempt to confirm changes in prices by
comparing the volume associated with prices.
When the Accumulation/Distribution moves up, it shows that the security is being
accumulated, as most of the volume is associated with upward price movement. When
the indicator moves down, it shows that the security is being distributed, as most
of the
volume is associated with downward price movement.
Divergences between the Accumulation/Distribution and the security's price imply a
change is imminent. When a divergence does occur, prices usually change to confirm
the
Accumulation/Distribution. For example, if the indicator is moving up and the
security's
price is going down, prices will probably reverse.

ADVANCE/DECLINE LINE
Overview
The Advance/Decline Line ("A/D Line") is undoubtedly the most widely used measure
of
market breadth. It is a cumulative total of the Advancing-Declining Issues
indicator.
When compared to the movement of a market index (e.g., Dow Jones Industrials, S&P
500, etc) the A/D Line has proven to be an effective gauge of the stock market's
strength.
Interpretation
The A/D Line is helpful when measuring overall market strength. When more stocks
are
advancing than declining, the A/D Line moves up (and vice versa).