I missed this one yesterday, but the Nasdaq 100 cleared resistance and is on course to challenge the 52-week high from March. Today's action offered follow through to yesterday's break.

The Nasdaq followed with a breakout of its own. The index was also able to close above the 50-day MA on higher volume accumulation. The lower support line is the risk measure for the breakout.

The S&P attempted to negate the 'bull trap' but finished the day just below the breakout level.

While the Russell 2000 enjoyed a decent gain, but was unable to recover the 200-day MA. The MACD is flat, while both ADX and Stochastics are firmly bearish, so there is plenty of ground for bulls to recover.

Friday may see further gains as indices look to build on the recent breakthroughs. Shorts may again look to the Russell 2000 as it sits on the confluence of 200-day and 20-day MAs, although bulls hold the short term advantage.