ES Takes 3900

A pullback and battles at the 3920 and 3950 levels look likely from the ES chart, but not the NQ.

NQ may hit resistance around the underside of the consolidation zone formed in early June. A rally to that area, however, correlates to about 3990 on the S&P 500 Index. If the Nasdaq extends its leadership, it may pull the ES through resistance levels.

Ethereum and BTC both broke out this morning. I'd like to see BTC above the next resistance line. it should, since Ethereum's next resistance is at 1717, or 17 percent away. BTC's next resistance is about 7 percent away. Notable: Ethereum at 1700 is, chart-wise, equivalent to BTC at $28,000.

Oil and bonds are cooperating for a rally, but neither is moving strongly in the necessary direction. I'll be watching CL for a possible re-entry on the short side. I do expect a pullback at the open because bears are fighting every single resistance level. There has been no sign of capitulation yet. A scenario like the Bear Rally Turbo Charger, where a positive news even sparks a capitulation rally, still may be ahead.