The 50 day moving average is increasing, that is a good sign for Bullish investors. The index has been in “Recovery” mode since 25 Mar 2008, a total of 47 trading days.
The index is now between the 200 day moving average of 3308 and 50 day moving average of 3126. The longer the index stays above its 50 day moving average indicates that the bears are losing strength and are not able to move the index below its 50 day moving average.
However, in order for the Bulls to declare victory, it will have to climb above its 200 day moving average.
So long as the 50 day moving average can keep its upward momentum, the index is likely to move to “Accumulation” mode soon.
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