The Semiconductor Index made its seventh straight gain in a row. The index is well above 685 support and all technicals are net positive.
The S&P also posted a gain, but it was a relatively low key gain. It hasn't quite negated the head-and-shoulder pattern, but shorts have little room for optimism. On-Balance-Volume returned positive too.
The Nasdaq is also knocking the door of new highs. It may be the last to do so, but technicals do suggest a move higher is favoured.
The short terms are looking better for bulls and the secular bull market from March 2009 may yet have another leg higher to offer. There isn't a whole lot for shorts, other than a speculative play at resistance for S&P and Nasdaq, but supporting technicals do not suggest a path to success.
You've now read my opinion, next read Douglas' and Jani's.
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Dr. Declan Fallon is the Senior Market Technician for ChartDNA.com, and Product Development Manager for FirstDerivatives.com. I also trade on eToro and can be copied for free.