The mini-rally started in mid-April continued to rule the roost. Today's low volume losses continued with the trend which has supported the rally: namely high volume gains, and low volume losses.
The S&P sits 12% above its 200-day MA, which is unusually high. Although the S&P has managed to rally to 20% above its 200-day MA; typically this is done after a major low, and not at the latter stages of an advance. Neither action in the indices or supporting technicals suggest this rally is about to end soon.
Small Caps got a key uptick against the Nasdaq after two months of underperformance, although the Russell 2000 continued to lag against the S&P. However, today was important day for re-establishing the importance of Small Caps as a component of the broader rally. No rally can sustain itself for long periods without the participation of the Russell 2000.
Unusual behavior in New Highs / New Lows. After what looked to have been a fairly reliable peak in the number of (smoothed) NYSE components at new 52-week highs, now looks set to make an even higher high. Given the last peak was a 10-year high, it's odd to see this challenged so soon. However, it does point to the overall strength of the rally to have so many components making new high - a total contrast to the action in the 2007 top. The current situation has far more in common with peaks in 2004 and 2010, which marked consolidation points of larger rallies