Although volume on this rally has been wanting, most of our sentiment and market breadth indicators, as well as equity index prices relative to their February lows and important moving averages, are solidly bullish.
One highlight is the NYSE Summation Index (NYSI) relative to its EMA 20; note the chart on the Stockcharts.com Market Tour that shows NYSI closing in on crossing up through its EMA 20. In the past, this has identified significant equity turning points. Let's see if that cross comes to fruition.
Small cap equities have also regained favor as risky assets find a bid.
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