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Friday's strong session broke the market out of its confusion, and it appears to have started a new short-term uptrend.

Both of the bullish percents of the major exchanges are now pointing higher in a decisive fashion, which strongly favors higher stock prices in the short-term.

The NYSE common-stock-only summation looks like it is turning upwards, but the signal still isn't complete. A second, decisive-looking white candle would be a nice confirmation that stock prices are moving higher in the short-term based on this reliable indicator.

The SPX certainly looks like it is making a healthy move higher out of its base. If this were a stock, I would buy. Bullish.

The very important 52-week new low data showed a harmless level for the NYSE and a dramatically improved level for the Nasdaq. This is very welcome news for the bulls.

Bottom line: I closed a few shorts on Friday morning and then went long on stocks on Friday afternoon.

Outlook Summary

• The short-term trend is up for stock prices as of June 2.

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