From Jay...
Let's try to spell this out as succinctly as possible. In general terms:
A lot of stocks making new highs and few making new lows = Bullish
A lot of stocks making new lows and few making new highs = Bullish
A lot of stocks making new highs and a lot of stocks making new lows = Bearish
A lot of stocks making new highs and few making new lows typically occurs during the heart of a bull market. Essentially, it is almost the definition of a bull market. A lot of stocks making new lows and few making new highs typically occurs near the end of a bear market, when "all appears lost."
On the other hand - a situation where a lot of stocks are making new highs at the same time a lot of other stocks are making new lows is commonly referred to as "churning." While the indexes may continue to move sideways to slightly higher, under the hood things are deteriorating.