We are at a major crossroads here. If we are unable to break out of this trading range to the upside soon, then there is a danger that we could quickly slide back down again to the lows.

Yesterday's high now become key resistance. Because the longer term trends all remain up, there are lots of support zones below current prices. The big Nasdaq stocks have been the weak link in the rally, as demonstrated again yesterday by being the only major average to fall.

This rally is very fragile, as it is being led once again by energy stocks and not technology or finance. This is no time for the bulls to relax.

We're thinking that yesterday's rally will probably go back down and test the low today... So, this afternoon, we're looking again probably for the market to sell off.