The uptick isn't concentrated in any one area, though Goulden said EMC has seen interest in new applications built for cloud technology, mobile devices or the storage and interpretation of the increasing volume of data that companies collect, otherwise known as big data.

“Progressive companies are looking at how they can leverage these new platforms to change the way they do business,” he said. “Although no one is declaring a complete global recovery,” Goulden said, the “early signs of a pickup” are positive after EMC reported two years of slowing sales growth.

Eoin Treacy's view Cloud computing shot onto the investment scene from early 2010 and surged in popularity during 2011 as the efficiency gains from this technology revolution gained wider acceptance. The majority of related shares have been rangebound for the last two years as sales growth slowed but as the acquisition of BMC Software by a consortium of private equity interests exemplifies, this is still regarded as a growth sector. .

Amazon is particularly noteworthy. The share has been consolidating mostly above $250 since January and a sustained move below that level would be required to question medium-term upside potential.

Microsoft is also a notable outperformer. It rallied impressively on Monday from above the psychological $35 which represented an area of resistance on a number of previous occasions. A sustained move below that level would now be required to question medium-term upside potential.

Google continues to pause in the region of $900 as it unwinds its overbought condition relative to the 200-day MA. A sustained move below the trend mean would be required to begin to question medium-term upside potential. Cisco Systems has also paused following an impressive advance.

EMC and Check Point Software are testing areas of previous resistance but will need to rally sufficiently to break their progressions of lower rally highs if a return to medium-term demand dominance is to be confirmed.

IBM, Lam Research, Qualcomm, Microchip Technology, Citrix Systems, Autodesk, Teradata, Cognisant Technology Solutions and Altera, have all pulled back to test important areas of previous support. They will need to hold in the current area if medium-term potential for additional higher to lateral ranging is to be given the benefit of the doubt.

Salesforce.com and Oracle have experienced deeper pullbacks and will need to sustain moves back above their respective 200-day MAs to suggest a return to demand dominance beyond the short term.