I'm going to use the daily charts to give a better idea of what is happening.
On the daily chart, notice the following:
-- From the bigger picture perspective, we are still in the middle of two bear market pennant patterns.
-- Prices are still below the 200 day SMA
-- The 10 and 20 day SMA are both increasing
-- The 10 and 20 have crossed above the 50 day SMA
-- Prices are higher than the shorter SMAs (10, 20 and 50), which will pull these averages higher.
-- Volume is still low
On the QQQQs chart, notice the following:
-- Prices are still below the 200 day SMA
-- Prices are higher than the shorter SMAs
-- The 10 and 20 SMA crossed over the 50 day SMA
-- The 10, 20 and 50 day SMA are all headed higher
-- Volume is still weak
In the IWM, notice the following:
-- Prices are still below the 200 day SMA
-- Prices are above the shorter SMAs
-- The 10 and 20 SMA are headed higher
-- The 10 and 20 SMAs crossed over the 50 SMA
-- Volume is still weak
Regarding volume, an astute reader commented that this might be because only smart money is going into the market right now -- waves of people are still backing off from committing funds. This is a distinct possibility and can't be overlooked.
The QQQQs are offering the strongest case for a rally right now. But the other averages are also pointing in that direction as well.