Market breadth is improving: ~65% of stocks in the Nasdaq 100 ETF, QQQ, are now trading above their 10-day moving average, near the highest since early December. This percentage has surged +40 points in just 5 trading sessions, the largest increase since November. By comparison, in the 2nd week of March, just 12% of stocks traded above their 10-day moving average, the lowest in at least 6 months. In the past, the Nasdaq 100 has been higher 80% of the time over the next 12 months after such a sharp reversal. Furthermore, over 70% of stocks in the S&P 500 and the Dow Jones Industrial Average are also trading above their 10-day moving average. The market is setting up for a historic recovery.(The Kobeissi Letter)