Back in the Black

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 |  Includes: IJH, IJR, IVV, MDY, SPY
by: Bespoke Investment Group

The S&P 500 is now back in positive territory for the year for the first time since January 21st. As shown below, the index closed back in the black for 2010 today, but just barely (0.05%). What is probably more significant is that the index also closed nicely above its 50-day moving average and its highs from last week. Small and midcap stocks have led the way up in recent days, which is a positive sign for bulls hoping that the market is about to make that next leg higher. As shown in the bottom chart, the S&P SmallCap 600 is now up 2.61% year to date, while the S&P MidCap 400 is up 3.35%.

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