The Nasdaq 100 will at least boink the upper Bollinger Band and then grind around into a new rally leg if past is prologue. The US indexes hit a point of short-term over bought, but resumed climbing right away to new highs after a quick hit. This has to be considered bullish activity. Maybe we grind though the Fiscal Cliff ™ noise and the upcoming FOMC and then get some Santa going?
The caveat (isn’t there always one?) is that this assumes NDX is not just filling a gap. It must stay above the green line.