I'm starting to see a few rays of hope from various measures of breadth that could provide the fuel for a broad based rally. The first comes from the Russell 2000 Index (RUT). It finally looks like it wants to play catch up with the other major indexes.

Another indicator that is showing some strength is the NYSE Cumulative Advance / Decline line (NYAD). It has broken higher with the market this week.

One last small ray of hope comes from the ratio between SPX and SPX Equal Weight. It turned up this week. If it can continue to rise it will help the market rise as money moves into large caps (and away from mega caps).

Unfortunately, there is a looming cloud over the ray of hope. My only category of core indicators that rose this week was measures of risk. All of the others fell. This is discouraging because it could indicate that the long term trend is getting much closer to ending.

Conclusion

Things are lining up for a broad based rally, but my core indicators aren't confirming a move just yet. Keep an eye on the few rays of hope to point the direction of price over the next few weeks.