Let's take a look at the charts to see what happened last week with the large averages.
The big move for the SPYs (and the other markets) happened on Tuesday when the market gapped higher and then continued moving. Wednesday through Friday was characterized by a simple give and take as the market consolidated gains from earlier in the week. The good news was the market didn't sell-off, indicating there is some confidence about the market right now. My guess is the Fed's backstopping the Bear deal and opening up the discount window to investment banks has given people confidence that we won't see a sudden bankruptcy in the financial markets.
The QQQQs and IWMs traded in the same pattern as the SPYs and need no other analysis.