[pcabc]

S&P500 versus Russell 3000

Interesting chart.  The index [1] has broken above its past high and above its 150 day SMA.  The SMA is still falling but the slope is flattening considerably.  Good signs.  However, could there be resistance as per the red line?  That line only becomes true if the index drops down right away, or only makes a tiny gain and then drops.  Or, if it drops will we get a higher low.  We could get both?

THe 1% A/D has been above the zero line for 1 1/2 to 2 weeks and the Weinstein Momentum is about to cross above the zero  All the McClellan's [7-10] are bullish - though could be getting over-bought.% stocks above the various MAs are very high for the shorter term and just crossing above 50% for the 200 day EMA.  Silver Cross Indicator [14] has rocketed up and the slower Gold Cross Indicator [15] has just about turned up.

Almost a positive glimmer on New HIghs minus New Lows [3].

Quite bullish, but I wonder about the red resistance line.