NikeRemember when the S&P 500 made a low around 800 back in mid-February? At the end of January, it had come down to the 840 area and seemed to be trying to hold, but then it gave way and was testing 800 again by mid-February. Now, check out the chart of Nike ( NKE). In late January, it was around $43 -- and it was still $43 in mid-February. By the time the S&P 500 broke 800 in mid-March, Nike was on the verge of breaking out of a base, well off that low of $43. When I talk about positive divergences at the lows, that's the type of action I'm looking for: Stocks refuse to go down and therefore make higher lows while the averages make lower lows.