NASDAQ Update

A few weeks ago I pointed out that there was a bearish engulfment that took place in the NASDAQ on the daily time frame. As you know a bearish engulfment can lead to either a reversal of trend or a consolidation. As you can see in the above chart, a consolidation was the outcome as the market made a new high today after 2 weeks of sideways movement.  It appeaars to me that we may see another leg up in the NASDAQ.