I'm going to start with the Russell 2000, because that's where some of the most interesting action is right now.
Sometime ago I wondered whether the IWMs had formed a double bottom. Well, they've had a nice end of the year rally and are currently at the point where they could break out from the highest point between the two bottoms. If this happens, they've got some room to run. In other words, this average could be setting up for a beginning of the year rally. Also notice the index has moved through all the moving averages. Also note the 10 and 20 day exponential moving averages (EMA) are pointing up. EMAs give more weight to more recent numbers, so they can be a better determinant of what traders are thinking now.
The SPYs are still in the middle of a triangle consolidation pattern. Note the EMAs are still bunched up big time, indicating the market is seriously lacking direction and could move in either direction right now.
The QQQQs have broken through downside resistance. The EMAs while bunched are pointing higher. Also note this index is above the 200 day SMA. Remember -- because tech doesn't have any exposure to mortgages it's the golden child right now.
On today's chart, the SPYs opened lower, but got a big right before lunch. They closed on a high note with strong volume.
While the QQQQs had a nice rally today, they sold off at the end of trading. This is to be expected after a decent rally.
The IWMs had the strongest run today. For some reason, this average is really catching a strong bid right now. My guess is we're seeing a combination of bottom fishers coming into the market along with some beginning of the year positioning gong on right now.