Indicator Summary remains firmly positive

• AD Lines: Neutral. The NYSE AD Line hit a new 52-week high again this week (bullish), but the Nasdaq AD Line remains below its August high (bearish). 
• AD Volume Lines: Bullish. The NYSE and Nasdaq AD Volume Lines moved above their summer highs to forge higher highs (bullish).
• Net New Highs: Bullish. Nasdaq and NYSE Net New Highs surged to their highest levels since April (bullish).
• Bullish Percent Indices: Bullish. Except for the Nasdaq BPI (49.76%), the BPIs for the other major indices are above 50%. Eight of the nine sector BPIs are above 50%. Finance (45.52%) remains the hold out.
• VIX/VXN: Bullish. The S&P 500 Volatility Index ($VIX) and Nasdaq 100 Volatility Index ($VXN) have been trending lower since late May. Falling volatility means lower risk.
• Trend Structure: Bullish. QQQQ, SPY and DIA broke above their summer highs. IWM remains the lone holdout and has yet to confirm the other three. 3 out of 4 is enough though.
• SPY Momentum: Bullish. MACD(5,35,5) and Aroon (20) moved into positive territory the second week of September and RSI surged above 60.
• Offensive Sector Performance: Bullish. Finance turned into the big laggard, but tech, consumer discretionary and industrials are leading. Again, 3 out of 4 are in bull mode. 
• Nasdaq Performance: Bullish. The $COMPQ:$NYA ratio broke above its late August highs and techs are clearly leading the charge.   
• Small-cap Performance: Bullish. A small bullish divergence formed in the $RUT:$OEX ratio in mid August and this price relative has been moving higher ever since.
• Breadth Charts have been updated (click here)

This table is designed to offer an objective look at current market conditions. It does not aim to pick tops or bottoms. Instead, it seeks to identify noticeable shifts in buying and selling pressure. With 10 indicator groups, the medium-term evidence is unlikely to change drastically overnight. Previous turns include: Positive on 11-Sept. Negative on 5-February. Positive on 5-March. Negative on 11-June. Positive on 18-June. Negative on 24-June. Positive on August 6. Negative on August 13. Positive on September 3.