As we go into this holiday shortened week, let's start by looking at what the markets did last week.
The SPYs dropped on Monday and Tuesday. They then consolidated in a triangle consolidation pattern on Wednesday and Thursday before breaking out with a big gap up on Friday.
The QQQQs dropped on Monday and Tuesday, but broke out a day sooner than the SPYs on Thursday. Also notice the QQQQs gapped higher on both Tuesday and Wednesday.
This is by far the best chart of the week. Notice
-- the upward slanting consolidation pattern, and
-- the strong gap up on Friday.
I'm not expecting must to happen this week, largely because it is a holiday shortened week with far fewer people trading. That doesn't mean something won't happen; it's just far less likely.