It was the only index with something to play for today, and that play was bullish. The S&P nicked a close above 1,992, which leaves it vulnerable to a 'bull trap' tomorrow. Other aspects, like technicals, are bullish, which keeps the long side favored in this market.
The earlier Nasdaq breakout is holding, although buying volume has been declining since the push above 4,485.
The Russell 2000 closed with a 'hammer', although given the Russell 2000 is not oversold the importance of the traditionally bullish hammer is reduced. However, the low of the 'hammer' successfully defended the 200-day MA. The Russell 2000 remains nicely set to post further gains.
The semiconductor index also continued its healthy run. A correction here would offer itself as a 'buying' opportunity.
Friday's watch will be for the breakouts in the S&P, Nasdaq 100 and Nasdaq to hold. 'Bull Traps' are a possibility, although these indices have yet to show bearish tendencies.