More stock indices are reclaiming their 50 dma

From Germany to HK to the U.S., more and more stock indices around the world are reclaiming their 50 day moving averages. The Dow Jones Transportation Average is one of the latest indices in the U.S. to have done so:

Looking at historical cases in which the Transportation Average reclaimed its medium term moving average, it wasn't clearly bullish or bearish:

However, zooming in we can see that many of the bearish cases over the next 3+ months occurred decades ago. The problem with historical data pre-1970s is that dividend yields were much higher back then, hence why the index could go sideways for decades (investors received more returns through dividends than capital gains). From the 1970s-present, this has been mostly bullish for stocks over the next 3-6 months: