All bulls need now, is for those all time highs to be confirmed with a break-out.

However, there is still the possibility that the resistance at or just above current levels will hold.

In summary, a breakout above the top of the range would be very bullish. However, there is still the possibility that the resistance at or just above current levels will hold.

 

light volume and small range, tempo has slowed down, but still bullish

In summary, we have seen volatile, back and forth price action. There were two rather violent declines, both stopping around 4060 area, so that is now first support level. The short term outlook is bearish. A break out from the current range should see follow-through in that same direction.

Today so far...

While some names are acting well, there is still plenty of mixed action in growth stocks below the surface as we speak which is causing some headwinds for bulls. The issue is not so much the initial headwinds as it is staying objective as to whether we see actual, violent rejection from the 20 day average price area on QQQ, or instead, just some backing and filling without rollover. Keep an eye on Bitcoin today, as another weekend leg lower could set the stage for some fireworks in stocks next week.