Here is an idealized representation of the pennant pattern:
As you know, there are some big earnings after the close today.
In particular, Amazon (AMZN) will be the most-watched report, and it is perfectly poised for a breakout from its pennant pattern. If it breaks above it, it could easily enjoy months more worth of gains. I would be flabbergasted if it broke below this pattern, but if it did, it would be disastrous for the Nasdaq.
(Click on image to enlarge)
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