Right now the $NDX looks like a breakout is occuring, although one good down day could negate this. The bears best shot comes with the $SPX charts, where major trendlines are being hit right about now. If the $SPX swooned it would bring the other indexes back down with it. That said, it's all speculation. It will be puzzling if the $NDX shrugs off two overlapping nodes and an important trendline. If it can do that, and the $SPX continues up as well, then we have a pretty damn strong market here. The sentiment figures show lots of complacency here.. I wouldn't think anyone would get too involved with this market at this point. The $SPX has a P/E ratio of 151! Kind of scary...
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