The nyse bullish percent chart is very telling, the BPNYA line (black) has crossed the 34 Moving average line (blue line)
Normally a bullish cross like this is signalling a strong market. Now do not get me wrong, it does not mean that we will just skid up higher every day for the next month. But a cross over the 34 is showing just how strong the market has been lately.
The MACD has been on a buy since the end of april too, and anyone following this nyse bullish percent chart would have had a head start in the last few weeks.
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| nyse bullish percent chart |
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