The S&P is only a short step away from confirming new highs, but yesterday's action will have kept shorts wary with the risk of whipsaw high. A simple push above 2,406 could deliver an acceleration higher. The one disappointment is the light volume.
The NASDAQ isn't quite as close to the S&P in marking a new high, but yesterday's action did negate Tuesday's bearish 'black' candlestick. The 'bull trap' is just a few points away from being consigned to history - can today deliver?
Finally, the Russell 2000 still works toward negating last Wednesday's loss (with a lot more to do beside that). Its next challenge will be clearing the 20-day MA.
One index which is offering itself as a decent looking breakout candidate is the Dow Jones Industrial Average; a decent handle has shaped over the course of April-May.
For today, bulls should watch the aforementioned Dow Jones. Bears may find joy in a quick reversal of the S&P or NASDAQ, but it would not be a trade to linger in if the position moved against you early.