Last weekend, some breadth, money flow, and unweighted index averages were reviewed at this link:
Following today's action (2-22-06) the following have broken out to new all-time, or recovery highs:
1) NYSE Common AD line (US and foreign issues): all-time high
2) NYSE US only Operating Companies Only (OCO) AD line: all-time high
3) Unweighted NYA: all-time high
4) NYSE Common only UD line: all-time high
5) NYSE Common only $ weighted UD line: all-time high
6) Unweighted MID index: all-time high
7) Unweighted Russell 1000 index: new recovery high
8) Unweighted DJIA: all-time high
9) Unweighted SPX; new recovery high
The unweighted RUT is less than one point from taking out its all-time high, unweighted SML still nominally lagging traditional SML.
US only OCO common AD MCO is right at its resistance trendline across November 2005/January 2006 AD MCO highs; US and foreign issue common AD MCO has broken through its resistance line.
Many of the indicators' upside breakouts are nominal, thus near term follow through will be needed to heal lagging volume related MCOs and negatively diverging Dow component CLX-CLXPP indicators. The Dow CLX-CLXPP 10 day MA offsets are not favorable for the bullish case at the moment without robust and wide-spread upside participation over the next few days.
IMHO, the near term may still be vulnerable to consolidation/mild-correction action, but today's internals and unweighted index behavior, along with continuing signs of doubt, suggests the IT rally has more room to move on the upside, potentially significant upside price moves.