For a good three months now, the market has oscillated between two large ranges. If we use the S&P 500 daily chart, we can clearly see the two ranges that had developed with a breakout of the lower range developing Tuesday. This comes after just a little over a week ago the bearish structure had presented itself as being a real possibility again. The question then was whether it would follow through, and clearly it hasn't. Now the question is will this bullish structure continue to work higher? There are technical reasons to believe it will. For example, the small caps had already broken out of their lower range last week and the broad Nasdaq Composite did so Tuesday as well. The two critical sectors that are needed to give this move top-side legs have likewise moved to price points where they will either confirm or question the above breakouts. Those are the Select Sector SPDR-Financial ETF XLF, +0.00%which finally gets over the bearish retest/regenerate zone, and the Select Sector SPDR-Technology ETF XLK, +0.38% which is also breaking out. It, along with the Nasdaq 100 NDX, +0.38% has lagged all year. If these do break out, and we see a three-bar extension to the top side, then that confirmation would really add to the argument that it is finally time to move higher after a few months of consolidation. Disclosure: Little is long SPY and IWM.