Yesterday was very good day for bulls. It saw Tuesday's weakness blown away in decisive fashion. Volume climbed to register an accumulation day for the indices.
The best of the action belonged to the NASDAQ 100. It gained nearly 2% in a move to challenge the 'bull trap'. It hasn't done so yet, but yesterday could be the day new highs are posted for 2015. Yesterday's gains came with a 'bull cross' in On-Balance-Volume.
The Dow regained the 200-day MA and added to the uptick in On-Balance-Volume, but it lost out in relative performance against Tech indices. After a period of out-performance, the Dow has spent the latter part of 2015 struggling to match the returns of other indices.
On the flip side, the S&P has had a better time in matching the returns of its peers. The index is outperforming Small Caps, but still has a way to go to make new highs for the year.
The Russell 2000 also performed well, firming up 50-day MA support. The index hasn't yet reversed its relative performance decline, but more days like yesterday will help.
Today may see some of yesterday's gains reverse, but whatever bearishness was generated by Tuesday's action was neatly undone by the strong performance of markets yesterday. Dip buyers look to be at work here.