Bulls can be happy with yesterday's progress. What weakness emerged yesterday was reversed by the close, a change on Tuesday's action where sellers dumped in the last few minutes of trading. Volume climbed to register an accumulation day.
The S&P finished at the 50-day MA, but beyond that there is plenty of room to run to the next level of resistance at 2,045. Technicals are net bullish.
The NASDAQ pushed off its 20-day MA and has another 50 points of maneuver before it gets to its 50-day MA. Technicals are not yet net bullish, but they are close.
The Russell 2000 also made good progress, and is now enjoying a relative gain against the NASDAQ (but not yet the S&P). Next up is the 50-day MA.
The NASDAQ 100 will be the first index to challenge a major resistance level as it comes up against declining resistance established in July and August. It's also attempting a push into the early summer base - the first of the lead indices to do so.
For today, bears will be watching the NASDAQ 100 and S&P for an opportunity, but a bright pre-market might see a good run in the markets for the rest of the day.