This chart shows the number of NYSE stocks that are making new 52 week lows (red spikes) plotted with the S&P500 in black. You can see from the chart that spikes above 450 new lows are fairly rare. Last Friday (Nov. 9, 2007) the NYSE made a second spike above 450 in just a few months!
I believe this chart is more evidence that the market is trying, as odd as it seems near all time highs for the averages, to make a very major bottom similar to the 1998 and 2002/2003 bottoms.
Most really good bottoms before major advances are double or triple bottoms. 1998 was a double bottom and 2002/3 was a triple bottom with two significant lows made in 2002 and a test of those lows, about 4% higher, in 2003.
Also of note is this attempt to make a major bottom is coming on what I call a test of the breakout above the 2000 highs.
The bears will say the market is making a double top before crashing as the market comes apart.