Bulls are itching to take over

The bears had their shot and couldn't drive the markets lower, and it looks like the bulls will take a shot here at pushing the markets up. While it looks like the indices will head to new highs here, I can't shake off the fact that we haven't had any sort of correction since this rally began.

Here is a weekly chart of the Nasdaq Composite showing the last few years. Notice how when RSI climbed over 70 the indices tended to correct shortly thereafter. We could pull back to the previous breakout point and still be in an uptrend, so I am taking a cautious stance.

I have my hands full with open positions, so I am not listing too many new charts. Here is one I've been watching recently in DTV. It is close to do or die time here, so I will be waiting for a candle pattern to confirm the move.



Good Luck,



DT