This strength should reflect itself in the Dow index with a break of January-April resistance. Positive money flow suggests accumulation:
Can the semiconductor index be a proxy for the Tech averages? The semiconductor index is loitering around its 50-day MA having traded sideways since January. The relative difference between the 50-day and 200-day MAs has narrowed from its max 20% deficit suggesting the worst is behind this index. But unlike the Nasdaq 100, it has failed to break past its 50-day MA. Technicals are neutral-to-bearish so there is little indication that it could do this soon. Without confirmation, the breakout in the Nasdaq 100 will fail (just as moves in the Dow need the support of the Transports as per Dow Theory).