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Stocks just got set up for an extended summertime rally

Large caps, small caps, tech and energy stocks all joined in a rally Wednesday that took major market indices to record highs—a positive sign for even more gains.

Lagging oil prices, viewed as a potential headwind for stocks, snapped higher Wednesday and have more room to run, technical strategists say.

While some investors might look at the concerted move to new highs as a sign of froth, technical strategists say the market set up is a positive and it may still have some way to go.

"That's a good sign," said Paul LaRosa, chief market technician at Maxim Group. "To me, this points to higher prices in the near-term, in the next few weeks. Whether that continues or not, we'll find out. My overall feelings are it's not going to lead to a sustained rally, but my feeling is we'll see prices go higher from here in the near term."

There are catalysts for more highs. "It's earnings season now, and then maybe we'll get tax reform," LaRosa said. The Dow rose 66 points to 21,640 Wednesday, while the S&P 500 was up 13 to 2,473, both record highs. The Russell 2000 rose nearly 1 percent to a new high of 1,441, and the Nasdaq was up 0.6 percent to a record 6,385.

All 11 major S&P sectors were in the green, led by energy's 1.4 percent gain, its best day since July 3. The S&P technology sector was at a 17-year high of 992, breaking for the first time the tech bubble high set on March 27, 2000.

"I would say we can see between a 3 and 5 percent rally from here," LaRosa said.

Scott Redler, partner with, said he was watching energy to see if it...