Up until the middle of the week, the NASDAQ led the rally with the S&P slowly catching up and the Russell stagnant. However, the market internals were strengthening, as discussed in the weekday Briefings. After Wednesday, the NASDAQ took a turn lower, the S&P paused and the Russell exploded higher. How those intermarket divergences resolve themselves will be interesting to see. On the other hand, the number of shares in all of the Indices covered trading above their 50 and 200 day moving averages moved substantially higher, showing an internal strengthening. Keep in mind, CPI numbers and a Fed announcement are on Wednesday. Anything can happen.