The Nasdaq managed to get through the 50dema, but of more significance it also broke through thee 50dsma (not shown here), but is still under the 200dsma. The simple 50 day average is the one that has been giving this fits, and today's brealthrough has to be a bullish development.
The Russell 2000 is now poised to take onn the prior high and establish itself in an uptrend. The technical indicators, particularly stochastics, give it room to move and plenty of momentum, but here, the 50dema has proven to be stiff resistance. We should get some idea tomorrow on whether it holds or not.
The market appears to be, at least for now, ready for a rally. How long and how high is totally unknown, but the bearishness may have rune it's course. The market has already figured out the economy sucks, but it is also betting that some sectors of the market will still do well, Our jub is to figure out what those sectors are.
I will have the new highs update shortly.