SHORT TERM: neutral

Watching today's action, we witnessed new short term highs in the NAZ/SPX/DOW, but the NDX has fallen short. Since I can now count 5 waves up from the Oct 28th lows, this is probably a good place to play it safe. I still can't rule out an extension from here: if the NDX takes out it's 1660 highs, or the DOW 10,720, or the SPX 1242; that would probably be the scenario. But for now, maybe a short term pullback is in the offering. Support should hold around the area just before this recent runup: that is the previous fourth wave: SPX 1215 and NAZ 2165. Let's see what unfolds!

This does not change either the intermediate or long term bullish view.