All of the indices are looking to be extended in the 5th wave of a 5 wave pattern.  And everyone is looking for a top.  Which, generally means, it is going higher from here.  Shorts will keep shorting the front side of the move and then need to cover and add momentum to all the institutions that don't want to be left behind as again the "professionals" are lagging the index funds by a wide margin.  This is, most likely, the biggest bull market in history.  9 years ago the markets bottomed at 660 and are now up 350% from that low.  But, we had a major consolidation for 2 years (2015 and 2016) allowing for the internal energy on the market to rejuvenate.  The SPX is in a strong up trending channel and is trading mid channel and so has lots of room to move.  This market has 3 or 4 more years to run.  But it won't be straight up as there will be pull backs and consolidation.  The NDX is even stronger than the SPX.  It has broken out above the up trending tops line.  

The Transportation index made a new all time high last week breaking out of its consolidation channel.  If you were a DOW theorist, this would be a buy signal where the Tranny new highs confirms the Dow Industrial new highs.  The Tranny definitely is not looking like a top.  It appears to be the start of the 5th wave of a five wave movement.  And the strange chart is the Dow Utilities which are spiking ahead of an interest rate increase.  The utilities index is also approaching all time highs.

The Russel 2000 (IWM) made two nominal new highs but is struggling somewhat.  It looks like it is in what I would call a fifth wave consolidation.  This sideways trend is evident in the stocks I follow with many of the small caps getting smacked down over the last two weeks.  5th wave consolidations are not that predictable so I will be watching closely to see which direction it heads. 

The semiconductor index (SMH) is still very strong.  It pulled back last week but held the trend line.  It is at the lower edge of the up trending channel so does not look like it is topping at all.  But you can see this in the charts for the Semi such as AAOI, CY, STM, TER, TSEM, 

The other leading sector is the financials (FAS).  Again, a super strong chart.  It did have a reversal on Thursday and an inside day on Friday.  It looks to me like it is in the 3rd wave of a 5 wave pattern and so has lots of room to move to the upside yet.  

Gold (GLD) has been soft the last few days with a big sell off on Friday.  But it did retrace some of that  move down.  The miner ETFs are getting hammered though such as GDX, JNUG and NUGT.  I think the most important indicator that we may had a capitulation on gold is the JNUG.  It hit a low of $5.58 and then had a big reversal day closing up near the top of its range on a staggering 121 million shares.  Looks like capitulation to me.  I'll be watching the ETF very closely for an opportunity to trade.

AUPH:  A stock I will be watching closely as back in October of last year it had the same pattern; explosive gap up closing at the lower end of the range, low volume inside day the next day (Friday) and then it ran big for the next 3 days.  We had the same pattern last week.  Explosive move, close near the bottom and a quiet inside day on Friday.  I would look to go long over $5.07 with the first target of $6.00.  A move above $6.00 and it could really go.

CALA: Bullish inside day on Friday for the stock.  It is somewhat extended coming from $2.25 to nearly $14.00.  But it built a base at $9.00 and then popped out last week.  I would look to go long over $13.65 with $14.60 and $20.00 as the next targets.  

CARA: Stock remains super strong closing right at the top of yesterday's range (making a double top).  I would look to go long over $18.15 with $22.00 as the next target.  

CRBP: A stock to watch closely.  It had an inside day on Friday after failing to break resistance on Thursday.  I think if it gets over $10.30 and then $10.80 the next resistance level is $13.50.  Shorts, 6.7 days to cover.

KEM: A stock I have written about recently.  It broke out of its slightly raising channel a few weeks ago trading as high as $11.83.  Since then it has traded sideways on lower volume.  It is a very strong chart and I would look to go long over $11.83 with $14.00 and $17.00 as my targets.  Shorts, 4 days to cover.

TTPH: Stock has been forming a major base the last 2 years.  Last month it broke out above the range and traded as high as $5.50.  The last month it has been consolidating in that range and on Thursday it broke out trading up to resistance at $6.30.  On Friday it traded higher to $6.73 closing on support at $6.34.  I would look to go long over Friday's high with a target of $8.00 and then $12.00.  Shorts, 4.5 days to cover. 

TWMJF (WEED.TO).  Pot stock trading on the TSX and pink sheets in the U.S.  It has come from $2.25 spiking as high as $15.00 in November.  It pulled back and consolidated and last month it traded up to $10.00.  From there it has had an orderly retracement down to the rising channel trend line.  If this stock can trade over $10.25 it could trade to the spike high of $15.00 and then $20.00.

VCYT: Biotech stock that has come from around a base of $5.00 curling up and trading to $8.50.  It made a triple top at $8.50 and then on Thursday/Friday broke through resistance trading as high as $9.17 before closing at $9.05.  I would look to go long this stock over $9.17 with $9.50 as the first target, then $11.00.  Shorts 4.8 days to cover.