Indicator Summary Remains Positive as Stocks Stall

• AD Lines: Bullish. The Nasdaq AD Line broke triangle resistance and exceeded its summer high. The NYSE AD Line hit a new 52-week high this month and remains in a strong uptrend.
• AD Volume Lines: Bullish. The Nasdaq exceeded its spring high, but the AD Volume Line remains well below this high with a large bearish divergence brewing. The trend, however, is up since early June. The NYSE AD Volume Line touched its spring highs this month and remains in a clear uptrend. 
• Net New Highs: Bullish. Nasdaq Net New Highs surged last week and fell back this week, but they remain positive and bullish overall. NYSE Net New Highs have been positive since late June.
• Bullish Percent Indices: Bullish. All nine sector BPIs are above 70%. The Technology Bullish% Index ($BPINFO) is the "least strong" with a 70.89% reading. 
• VIX/VXN: Bullish. The S&P 500 Volatility Index ($VIX) moved below 15% for the fourth time since January 2011. The prior occurrences marked intermediate peaks in the S&P 500. The Nasdaq 100 Volatility Index ($VXN) moved to its lowest level since June 2007!
• Trend-Structure: Bullish. DIA, IWM, MDY, QQQ and SPY recorded 52-week highs last week. The major index ETFs may be overbought, but they are definitely in uptrends.  
• SPY Momentum: Bullish. The Aroon Oscillator (20) has been positive since mid June. MACD(5,35,5) has been positive since late June. RSI has been above 70 since last week.
• Offensive Sector Performance: Bullish. XLY and XLK recorded 52-week highs last week and continue to show upside leadership. XLF and XLI hit resistance from their spring highs.
• Nasdaq Performance: Bullish. The $COMPQ:$NYA ratio plunged this month, but remains in an uptrend since April. 
• Small-cap Performance: Bearish. The $RUT:$OEX has been on a tear since early August, but has yet to reverse the downtrend that started in early February. This remains a tough call because small-caps have seriously outperformed the last six weeks.
• Breadth Charts (here) and Inter-market charts (here) have been updated.

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 6-July-12
Negative on 18-May-12
Positive on 30-December-11
Negative on 16-December-11
Positive on 3-December-11
Negative on 23-November-11
Positive on 28-October-11
Negative on 5-August-11
Neutral on 29-Jul-11
Positive on 30-Jun-11
Negative on 17-Jun-11
Positive on 25-Mar-11
Negative on 18-Mar-11
Positive on 3-Sep-10
Negative on 13-Aug-10
Positive on 6-Aug-10
Negative on 24-Jun-10
Positive on 18-Jun-10
Negative on 11-Jun-10
Positive on 5-March-10
Negative on 5-Feb-10
Positive on 11-Sept-09