The Russell 2000 made its move, but today it was the turn of the Nasdaq and S&P. Technically, the breakouts for both of these indices occurred yesterday, but doji don't really qualify because of the implied indecision and potential topping aspects of this candlestick. However, today's (small) white candlestick in these indices was enough to count the move as a breakout. The MACD trigger 'buy' is an added bonus. 

The S&P played a similiar move to the Nasdaq with its breakout. Volume was down on yesterday (the 'real' price breakout), but the MACD trigger 'buy' and the acceleration in the uptick in On-Balance-Volume compensate for this. The index is underperforming relative to the Russell 2000, which is bullish for the success of the broader rally, even if this means Large Cap stocks will lag Growth stocks. 

The Russell 2000 also had a good day. There was a worrying 'black' candlestick yesterday, but today's action helped negate the bearish implications of that candlestick. Technicals are net bullish and while yesterday's volume was light, On-Balance-Volume ticked towards a new 3-month high. 

Of other indices, the Dow Jones Index hasn't yet managed to follow the S&P breakout higher. After a period of relative strength, it has now lost some ground. The relative underperformance to the Nasdaq 100 is particularly telling. 

The Semiconductor Index has also managed a break from its consolidation triangle, but hasn't quite managed to follow it with a MACD trigger 'buy'.

For tomorrow, we want to see these gains banked so that weekly charts show a strong finish. A doji or better would be better for any of the featured indices. Let's see what happens. 

More By This Author:

Russell 2000 Breaks From Base In (Low) Key Move
Indices Develop Into New Ranges
Markets Push Gains With The Russell 2000 Slowly Working Through Its Base