Yes, today was the day that both the S&P 500 and the Russell 2000 were finally able to clear overhead resistance and move to all-time highs. The Nasdaq, too, moved to its highest value since the dot-com bubble. While both the Dow Transports and Dow Industrials are off their recent highs, the good news is that they both rallied nicely. For this new leg up in the rally to continue, we'll need to see the Transports stay above the 700 support level.

Sector action was green across the board with tech (XLK) and materials (XLB) hitting new highs. Both the internet (PNQI) and information technology (VGT) spaces have been going gangbusters and they continue to reach new heights. These two areas (along with biotech) are the waves of the future but getting into them right now after such a long run-up may be not the best idea. If you're bent on doing so, nibbling at them (or even dollar cost averaging into them) may be the prudent way to enter into a long position. May the bull run continue!

2:20 pm ET: Intraday support/resistance:
SPX 1841/1857
DTX 725.5/732.5
DJIA 16160/16300
Nasdaq 4285/4328
RUT 1176.5/1185.5
VIX 13.9/14.7 (VIX under 15 is bullish)
Trin range: 0.6 - 0.9 (falling Trin over yesterday is bullish)
Average VWAPs: +87/-51 (bulls still have the edge)