Summary

The major indices continue to take on the look of a "V" bottom. The S&P 500 (SPX) has soared 21% from its corrective low on April 8 to its recent closing high on June 10 (43 trade days). The Nasdaq has rocketed 29% in that same period, and the Nasdaq 100 (QQQ) has surged 28%. The three indices have broken convincingly above their flat 200-day averages for the first time since losing that key support in early March and have recaptured their 50-week averages as well. All of the indices are well above the key 61.8% retracement of their correction/bear markets. They also have completed large and compact bullish inverse head-and-shoulders formations. This suggests a run back to the earlier all-time highs, and possibly higher. Some of the key intermediate-term signals that have turned bullish -- and that we discussed recently -- include a number of breadth thrusts usually seen at key market bottoms; an absolute destruction in market sentiment in March and April; a buy signal from the weekly Bollinger Band (BB) chart, as the SPX lost, then recovered, the lower BB; very large monthly bullish candle-sticks for the major indices; and new all-time highs for