The week started brightly, although buying volume was light. However, the Nasdaq is looking to accelerate its rally as today's gain pushes against channel resistance. Given broad technical strength I would look to see a break by the end of the week.

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The S&P has moved into the middle of its narrow channel as technicals are bullish with relative performance improving markedly against the Russell 2000. The MACD is looking to recover from a brief flat-line period as it remains well above the bullish mid-line. Volume climbed a little to register as possible accumulation.

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Small caps are working through the breakdown in the rising channel, but action since the breakdown has been positive. Given the sharp downward trend in relative performance, it may be a while yet before the index rises to challenge the 2018 high.

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The rally's good health continues. No reason to sell or take profit yet.