Net New Highs Surge on the NYSE and Nasdaq

AD Lines: Bullish. The Nasdaq AD Line broke triangle resistance and exceeded its mid August high. The NYSE AD Line hit a new 52-week high.

AD Volume Lines: Bullish. The Nasdaq AD Volume Line has yet to take out its July or August highs, but has yet to breakdown either. The NYSE AD Volume Line broke above its August high to affirm its uptrend.

Net New Highs: Bullish. Nasdaq Net New Highs surged to their highest level since early July. NYSE Net New Highs surged to their highest level in over a year. 

Bullish Percent Indices: Bullish. All nine sector BPIs are above 50%.

VIX/VXN: Bullish. The Nasdaq 100 Volatility Index ($VXN) and the CBOE Volatility Index ($VIX) fell sharply the last three days and remain in downtrends overall. Low and falling volatility signals confidence in the stock market. 

Trend-Structure: Bullish. SPY and QQQ recorded 52-week highs. MDY and IWM are challenging their spring highs. DIA recorded a 52-week high on a closing basis. Nothing but uptrends here. 

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 held the 40-50 support zone since mid June.

Offensive Sector Performance: Bullish. XLY and XLK recorded 52-week highs. That alone is enough to suggest plenty of offense and risk taking in the market. XLF is lagging, but did surge over 2% on Thursday and exceeded its mid August high. XLI remains the big laggard.  

Nasdaq Performance: Bullish. The $COMPQ:$NYA ratio broke above its spring highs as the Nasdaq continues to outperform the NY Composite.

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 one is a tough call because small-caps have seriously outperformed the last five 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