My last two messages have stressed the importance of the 200-day moving average. It’s what separates uptrends from downtrends. In order to sustain a bull market, more stocks have be above their 200-day average than below it. And that is currently the case. The red line in Chart 5 is the percent of NYSE stocks above their 200-moving average (which I also showed on Thursday). The line rebounded from 54% just prior to the November election to 76% during February. March’s modest setback lowered the line to 64% where it bottomed.