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Volatility: $VIX $VXN have actually stopped dropping today. They may rise a bit over the next few days, but they are not forming the kind of pattern that typically precedes a huge surge in fear. This confirms our theory that stocks are in Surge1 of an Up Trend. But it also indicates that Surge1 may be done for now, and $SPX $NDX $RUT may be transitioning into Dip1 soon.
Market breadth: Both NYSE and Nasdaq cumulative A/D lines continue to rise, indicating a healthy participation by the number of stocks in the current up swing. The percentage of bullish NYSE stocks is rose to 55.9% today, and the percentage of bullish Nasdaq stocks is at 66% still. These numbers are healthy, and not yet at the overbought level.
This is additional confirmation that $SPX $NDX $RUT are in Surge1 of an Up Trend.
The rest of this article covers:
Market internals (more)
Surge1: support and resistance levels
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