Gains in the semiconductor index will help push the Nasdaq and Nasdaq 100 to new 52-week highs. Measured moves project the April-July rally on to August swing lows: for the Nasdaq, this sets a target around 4,870 and the Nasdaq 100 it's 4,425.
The Russell 2000 also managed a close above its 50-day MA. It's now in a void of resistance until it gets to 1,210. Technicals are improving, but haven't yet reversed all bearish markers.
The S&P will soon be like the Nasdaq. It hasn't yet made a new all time high, but one more days worth of gains will do it.
As for tomorrow, bulls have control. Pullbacks will offer buying opportunities as the swing low develops as support. Tech averages are best positioned for gains, but the Russell 2000 has plenty of room to run before encountering resistance.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
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