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The Participation Index (PI) measures short-term price trends and tracks the percentage of stocks pushing the upper and lower edge of the short-term trend envelope. Specifically we track participation of each stock in a given index. We can see how UP participation, the number of stocks actually driving the up move expands as the market moves higher, then contracts prior to ST market tops. A similar thing can happen with DOWN participation as the market is about to bottom. Bottom Line: A trend needs a strong plurality of participation to be maintained.