If you took that chart by it self, perhaps you would have a bearish case. But take a look at the $BP's. Like the Energizer Bunny, "Still going!"
And here is my NDX breadth chart. Take a look at the blue MACD line. When it is above 70, the market is in a strong up trend. Right now, 82 of the NDX components are trending up. Both the NDX price and volume based McClellan Osc's have stayed above zero, showing good strength.
Also, price is still contained in a well defined rising price channel. A pull back to the lower price channel would not be unexpected; in fact I am hoping for something like that so that I can go long the NDX. If it breaks the rising price channel, then I could get bearish. Break the previous July's highs, and I would get even more bearish. See here for indicator explanations:
Again, I think that breadth is going to "catch up" now that we have broken out. The caveat is, of course, that the break out holds. If it does not, then I think we could have a bearish case.
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