Today's price action looks like the beginning of the end of a long run.

Bullish seasonality for Nasdaq starting this week.

Early on in this morning's session we have a QQQ bounce coinciding with bullish seasonality but especially in conjunction with rates on the 10-Year Note relaxing. While the inverse correlation between rates and the Nasdaq may very well be overhyped (for now), it is also worth nothing that the trade may be a self-fulfilling prophecy at this point given how many eyes are watching the dynamic between the two markets. 

As a result, some of the best movers so far are in the Nasdaq. TSLA and SPLK are just two examples. And some beaten-down former monsters like OKTA and ZM are developing near-term potential double-bottoms on their daily charts.

In summary, the show goes on, this market clearly still belongs to the bulls, and the only confirmation left is a close above 3950 to set off the next leg higher. Since the SP-500 chart is the most important indicator, if it closes above 3950, it's an all-clear for the bulls. If that happens, SP-500 would have to fall back well into the previous trading range to cancel out that bullish signal.

# 4 Always Be Alert

Waiting in a steamship office to be interviewed  for a job as a wireless operator, a group of applicants filled the room with such a buzz of conversation that they were oblivious to the dots and dashes that began coming over the loudspeaker. 

About that time another man entered and sat down quietly by himself. Suddenly he snapped to attention, walked into the private office, and a few minutes latter came out smiling with a new job.

"Say," one of the group called out, "how did you get in ahead of us? We were here first."

"One of you would have gotten the job," the successful applicant replied, "if you had listened to the message from the loudspeaker." 

"What message/" they asked in surprise.

"Why the code," the man answered. "It said: "The man I need must always be on the alert. The first one who gets this message and comes directly into my private office will be placed on one of my ships as an operator.