While the bullish calls are mounting by the day, technicals seem to indicate that we'll either enter consolidation for the next few weeks, or experience a pullback. A few things to watch out for.
PRICE - Intraday high has for 3 days printed lower and lower numbers. Typically a negative, but if the 4165 level holds it could just be a sign of the market taking a breather.
ACCUMULATION - May have topped out, but with foreign markets starting to turn ugly, the NASDAQ might experience a rush of buyers looking for a safety zone...or not. Any quantitative ease in foreign markets could send this level lower, at which point I would be certain of a pull-back in the following days.
MACD - No, it hasn't crossed to confirm it's pulling back, but it does look like the market thinks we're fully valued. Without a lot of reasons coming up this quarter to push valuations higher, the path of least resistance appears to be lower.
PRICE - Intraday high has for 3 days printed lower and lower numbers. Typically a negative, but if the 4165 level holds it could just be a sign of the market taking a breather.
ACCUMULATION - May have topped out, but with foreign markets starting to turn ugly, the NASDAQ might experience a rush of buyers looking for a safety zone...or not. Any quantitative ease in foreign markets could send this level lower, at which point I would be certain of a pull-back in the following days.
MACD - No, it hasn't crossed to confirm it's pulling back, but it does look like the market thinks we're fully valued. Without a lot of reasons coming up this quarter to push valuations higher, the path of least resistance appears to be lower.