The SP500 has been chopping higher and now it has reached the 1406 resistance level. The rising 20 EMA, 50 & 200 SMA, and a higher MACD are providing technical strength to help push this index toward a potential new 52 week high.
The Nasdaq 100 is also coming up to test the 2750 resistance level. Having a rising 20 EMA, 50 & 200 SMA, and strong rising MACD, it appears it will likely break the 2750 resistance and move toward a potential new 52 week high above the 2795 level.
The DJI is only less than 160 points from a new 52 week high.
The Russell 2000 is the only laggard amongst these major market indices. But if it breaks above 810, then it could be completing and breaking out an inverted head & shoulder, and this could potentially lead to a much higher level than the 52 week high near 848.
Even though the market has been moving higher, there is still a high degree of skepticism on the recent market rally. But the technical picture is clearly indicating the market want to head higher.
