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<h2 class="wp-block-heading" id="h-measuring-the-real-quality-of-internal-leadership">Measuring the real quality of internal leadership...</h2>
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<p>The Negative Leadership Composite (NLC) has served as one of InvesTech Research's most reliable tools over our 40-year history for navigating bull and bear markets alike. </p>
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<h2 class="wp-block-heading" id="h-selling-vacuum">Selling Vacuum</h2>
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<p>The top half of our NLC, or what we call the bullish (*1) Selling Vacuum, rises as downside leadership evaporates. More often than not, the height <em>and </em>duration of this Selling Vacuum helps to indicate how strong a new bull market is - and how long it will last. For example, the instances when this indicator has climbed to very strong readings of +60 or +70, it confirmed the onset of a new multi-year bull market. </p>
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<h2 class="wp-block-heading" id="h-distribution">Distribution</h2>
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<p>The bottom (shaded) half of our NLC, also known as bearish (*2) Distribution, measures the rate of acceleration in downside leadership. This is the most vulnerable, dangerous region for the stock market... it is when bear markets can strike.</p>
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<p>Obviously, this Negative Leadership Composite doesn't provide signals very often. When Distribution (shaded region) is present, it's time to be more cautious and carry a higher cash reserve. But when a Selling Vacuum appears (especially after 6+ months of Distribution), it's time to take notice and get ready to jump on a charging new bull market in stocks. </p>
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<figure class="wp-block-image aligncenter size-full"><img src="https://ns2020-investech.investech.com/wp-content/uploads/2023/09/NLC.png" alt="" class="wp-image-18828"/></figure>
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<p class="has-medium-font-size"><a href="https://ns2020-investech.investech.com/product/subscriptions/">Subscribe</a> to see specific selling vacuum and distribution readings </p>
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<p class="has-medium-font-size">And, gain access to all remaining <em>InvesTech</em> Indicators which are updated daily.</p>
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