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The stock market was quite resilient Thursday as it rebounded from the early weakness to close higher. Despite the deterioration in some of the short-term A/D indicators, the leading indices are acting well. The small caps have been leading the market higher since mid-February (click here for chart), and the sharply rising 50-day MA on the Russell 2000 ETF (IWM) is quite bullish. The Transports were up nicely and have been stronger than the Industrials, but are still bumping into trend line resistance.
