The Market Trend Model (http://bitly.com/M_Trend_Model) continues to hold on to its positive bias as the Nasdaq (http://scharts.co/1HAtavT) rocketed higher last week to close at an all time high. Likewise, the S&P 500 also printed a record closing high. What a difference a week makes, as just last Friday the market appeared ready to roll over after failing to break through its months long established range.
While the Nasdaq did finally break through its wall of resistance with expanding volume, Friday's price action also had the appearance of "churning" as the opening gap up was sold into throughout the trading day. The small black doji candlestick on Friday could portend lower prices on the immediate horizon for the Nasdaq index just as similar patterns led to lower prices on 11/28/14, 12/29/14, and 03/20/15.
Also, both the S&P 500 (http://scharts.co/1b4JwQD) and the Russell 2000 (http://scharts.co/1b4HG2p) appear less convincing with their attempts to breakout. Both the S&P 500 and the Russell 2000 RSI readings remain below 60 and their recent price moves seem to be less robust than the Nasdaq's price move through the 5,000 level.
So while the market indexes can be interpretted as both bullish and bearish, at the present moment anything can happen. As Gil Morales (@gilmoreport) is fond of saying, "Expect the unexpected."