A string of positive-volume days on Nasdaq tells the story.
If the market would just pull back, it probably sets up the charts for upside.
Look for this to be followed by another rally after Labor Day.
When the ISE call/put ratio stays above 200%, it often predicts a sharp drop.
The indices need a rest, but this won't happen instantaneously.
The market looks even more ready for a pullback, then a resumption of the rally.
A pullback later in the week would make sense.
If that doesn't happen this week, then I suspect the market will end up with a giant chop-fest.
This run-up will be exhausted when everyone is back on board.
We're still enjoying the oversold rally, but it can't last much longer.