Recovering breadth

The S&P 500 Equal Weighted Index has crossed above its 50 dma, pushing the % of S&P 500 members above their 50 dma to >50%:

When more than half of the S&P's members reclaimed their medium term moving averages for the first time in >2 months, the S&P could pull back in the short term. However, this usually led to more gains over the next 6-12 months:

Similarly, the Value Line Arithmetic Index, which looks at companies in the U.S. and Canada, has reclaimed its 50 dma:

When this happened for the first time in >2 months, the Value Line Arithmetic Index's forward returns were mostly bullish on all time frames.