All of the high-fliers except Apple gained altitude yesterday. Are we perhaps witnessing the booster stage of a sharp rebound in the Nasdaq Index? I’d say no, at least not yet, based on the chart shown. My hunch is that more corrective action is needed — another 5-7 days or more before the Naz is ready to run. However, if bulls are able to hold this vehicle for two consecutive days above the red line, a midpoint Hidden Pivot at 3587.25, it would imply that a run-up to the old highs is imminent. That would energize the broad averages, propelling the Dow Industrials and the S&Ps toward new highs of their own.
