NASDAQ - Continuation Or Reversal

The indices are holding their breakout levels which is a bullish sign but it appears a few weeks of consolidation would be constructive for this bull market to continue.

Above is a weekly chart of the NASDAQ (QQQ) and as you can see this past week's range has been one of the smallest  weekly ranges we have seen for quite awhile. When you see an inside week after a breakout it is very important to watch the high and low of the prior week as those are pivotal levels which can trigger a move. The two levels I will we looking at is the high of 118.78 and the low of  114.22. A move above 118.78 would suggest further upside while a move below 114.22 could be a sign of a breakout failure.