If there was a short play on the move to test former support turned resistance for the NASDAQ, then it was quickly undone by Monday's buying. Trading volume in the NASDAQ was not particularly heavy, so while it was positive it didn't count as confirmed accumulation. However, there was a return to net bullish technicals, putting an end to the decline begun in September.
The S&P added to Friday's gain and also in the process turned net positive in technicals. The August high remains the initial target for the rally.
The Russell 2000 (via IWM) remains above its 200-day MA as successive rallies look to challenge 228 (IWM). Technicals are slightly positive, but only On-Balance-Volume is on a net 'sell' trigger. The index is underperforming relative to the NASDAQ.
Large Caps and Tech indices continue to strengthen, steadily removing the barriers preventing a return to new all-time highs. Look for some consolidation when August/September peak highs are challenged. Meanwhile, the Russell 2000 continues to (not) do its own thing.