Nasdaq leading

While today left many questions as to the potential strength of the current move, a definite clue has been given. The Nasdaq is taking the lead on the way up. This is a positive for bulls and ultimately, the Nasdaq and smallcaps would need to lead for any sort of sustainable rally to occur. I didn't like the weak close and that leaves the door open for some weakness tomorrow morning and possibly until Friday. Trade patiently as the indices worked their way up to their descending trendlines and could fail here. We've had some good moves in some of the charts I highlighted for this week so try to not let some of those profits slip away. Here are a few more interesting charts.

MWRK had a nice breakout today and while it's extended it deserves to be on the watchlist.
SIMC looks like it is putting in a low here and getting ready to challenge the previous peak.
RMD looks like it wants to clear the downtrend channel highlighted on Sunday night.
ODFL finally made it out of the wedge.
CHH looks like it will test the downtrendline tomorrow. Watch to see if volume comes in. That is the clue as to whether to buy or not.
CELG attempted to breakout today but couldn't follow through. If tomorrow is a solid day it should bust through. Be careful here though, as it is obviously having a hard time with this line.
BWP may follow through tomorrow.
BIDU has been holding gap support while consolidating the earnings breakout. It might be ready to follow through here.
ADS is back for a test of the upper trendline and it's do or die time as trendlines are converging.
ODP is looking like it will fail here. I am keying off the horizontal trendline which would complete a descending triangle continuation pattern.

Good Luck,

DT