Nasdaq on Track for Potential Record Highs
Daily Chart: The S&P and Dow have both inched to new record highs in the last several days. Meanwhile, the Nasdaq has been working on a range consolidation pattern since late February's market correction. On 01 April, the Nasdaq made a strong move above its 50-EMA. During the last 6 sessions, the +DMI made a crossover as price broke to a new intra-base high (notice how -DMI had dominated during the correction). So, the big anticipation is for the Nasdaq to eventually join the S&P and Dow and hit record highs, perhaps kicking off a new market uptrend leg. We don't want to project too far ahead, but a review of many growth stocks suggests that they're coming into position to support the Nasdaq going higher. We should be on watch for another short-term pullback before a test of potential all-time highs since cuppy patterns usually make a "handle" (pullback) before powering higher.