All of the market's key indices closed higher Thursday, with positive internals on the New York Stock Exchange and the Nasdaq. While we saw no change in the generally neutral near-term trends, the S&P 400 MidCap, the Russell 2000 and the Value Line Arithmetic Index all managed to close back above their 50-day moving averages.
However, the Dow Jones Transportation Average was the only index still in a short-term uptrend:
Other key indices remain in neutral trends:
However, we did see advance/decline lines improve. For instance, the All-Exchange McClellan ratio turned from positive from neutral:
So did the NYSE ratio-adjusted McClellan OB/OS on both a one- and 21-day basis:
Add it all up and we're maintaining our near-term positive outlook for the market's major indices.