Great day for small-cap growth stocks today with a number of large breakouts to fresh highs. The Russell 2K Growth Index (NYSE: IWO) has now reclaimed all its primary moving averages. The S&P has yet to climb over the 200 day hurdle, but after numerous failed attempts we are finally above the 50 day moving average.

There is some major resistance not too far from here — roughly 74 for IWO, and 113 for the SPDR S&P 500 ETF (NYSE: SPY) — and it would be premature to call this a new uptrend before overcoming these levels. The charts do look promising though, if only we could see some legitimate accumulation volume! The phrases “up day” and “on higher volume” haven’t been playmates for a long long time…

The breadth charts we follow aren’t updated until later in the day, but we have a feeling we’ll see a meaningful improvement from last week after today’s action.

With today’s close above last week’s highs, we have removed the second 1/3 of our hedge position and await further gains before we remove it completely.

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IWO, SPY