Today was a nothing day. It meandered around the opening price and eventually closed around the opening price. While the market was up, its inability to move convincingly beyond the opening price jump indicates there is some caution in the market.
The 8-day chart shows the market broke out of the 5-day downchannel, but as the comment above notes the post-opening movement was not convincing.
The daily chart puts the action in the best perspective. The market is still in a pennant pattern, waiting for something to move it in one direction or the other.
The QQQQs continued their upward move today, but the small candle is considered the sign of a market top. I wouldn't be surprised to see some profit taking or consolidation at these levels.
