[isatrader]

Attached is the weekly charts for the NYSE, Nasdaq and S&P 500 with the Bullish Percent and Moving Average breadth indicators on the same chart for quick overview of the current Stage and market breadth situation.

As we talked about in previous weeks the NYSE Bullish Percent Index, and the long and medium Moving Average breadth indicators are all in Bull Confirmed status now, and this week have all moved above their Oct/Nov 2015 swing highs, giving additional confirmation to the bull case.

This week has also seen a few of the major averages (NYSE, Dow and S&P 500) close back above their 200 day moving averages and the 30 week MA. So based on the current position of the breadth charts and the close back above the 30 week MA, I'm upgrading my US market position to Stage 1A. Which in Stage Analysis means: "Start of a base. Needs much more time."

So although this is a positive development imo, early Stage 1 (called Stage 1A) is often volatile, with the chance of another move lower to start forming the Stage 1 base range. So probabilities are increased of some choppy price action in the near term if it plays out like a normal Stage 1A. We will see...