I use the IWMs and IWCs as risk proxies -- that is, if people are willing to put money into the smallest companies in the market, then they are willing to take more risk. I consider this a bullish sign.
A.) Note the number of strong bars since the beginning of February. Also note there have been several gaps higher -- another bullish sign.
B.) Prices consolidated, although not in a conventional pattern.
Prices have moved through important resistance points C and D.
Finally, there was a very large volume spike yesterday.