Many of the major U.S. equity exchange traded funds are experiencing a positive technical signal known as a bullish or golden cross, in which the 50-day exponential moving average rises up through the 200-day average.

Despite the Eurozone debt concerns, sovereign debt downgrades, high unemployment levels and the escalating drama in the Middle East, the bulls may point to a notable technical indicator. Stocks are off to a good start in 2012, although trading volume has been light. [How to Navigate Uncertain Markets with an ETF Strategy]

Large-cap ETFs such as SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) and iShares S&P 500 (NYSEArca: IVV) have made bullish crosses recently.

In small-cap stocks, a golden cross is now only a session or so away for the Russell 2000, technical analyst Tarquin Coe said Wednesday.

“Though the signal is bullish, they sometimes prove to be false. Either way, a big move usually follows their convergence,” the Investors Intelligence analyst wrote in a newsletter. “The small-caps continue to trade flat on a relative basis versus the Dow Jones Industrials. That is not indicative of a bull market since the more speculative stocks typically lead to the upside in such a climate. However, should the relative chart break higher it would improve the general market outlook considerably.”

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Max Chen contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.