The Percentage of Nasdaq stocks above the 50-day MA closed at a new 5-year high.
However, from an index perspective all key averages have only just cleared oversold conditions and could rally for a number of weeks from here. Small cap action is always important for new bull markets; 517 resistance is next.
Now it's just a matter of the indices complying. A respectable pullback is needed to relieve overbought conditions.
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, stock charts, watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.