After a slow start to the year, the Nasdaq Composite has now broken out to a new bull market high this morning. The breakout leaves the index up 80 bps so far in 2014.
While the Nasdaq has broken out, both the S&P 500 and the Dow still have a little bit of room to run on the upside before testing their prior all-time highs. The S&P 500 needs a couple points (1,849.44) to make a new high, while the Dow needs to rally about 120 points. If all three major US indices can get there today, the technicals for the market will look very strong once again.