The correct focus for these markets continues to be to monitor the health of the rally by the ability of support levels to hold, not to try to pick a top. The market has given us clear levels of meaningful short term support and as long as those levels hold, the trend remains intact.

Key levels outlined on the charts below are $SPY 15515, $QQQ 6835, $IWM 9315 and $SMH 3530 A break of these levels would be reason to be more cautious as it would likely lead to a somewhat deeper pullback. Even if support is broken, the primary uptrend on longer term timeframes remains intact and should be viewed as a pullback only until proven otherwise.