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Important Week For NASDAQ Bull

The very positive action of individual stocks bodes well for the rally pushing deeper into the first quarter, though dangers of hitting stall speed that leads to a peak and reversal will remain front and center while the white volume line in the chart below remains below the red and blue lines, and the green ADX line fails to trend north.

Both are currently inching in the right direction, though it only takes a day or so of harsh selling to turn things ugly for the bulls. Absent a bad week for the NASDAQ should see the ADX line turn up, which would be a very positive development.

January so are has been firmly in the bull camp, and such starts to the year usually see the month end with a bullish push, so hopefully the badly needed buy energy will come in the form of end of month window-dressing over the next couple of days.

I remain long QLD, EWG, EWW, EWW, XHB

Kevin Wilde, Chief Trading Strategist,

Disclosure: I am long QLD, EWG, EWW, EWH, XHB.