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We are not seeing big changes on daily timeframes, but what changes we are seeing are making their way on to weekly time frames.

The S&P was the latest index to mark its breakout on the weekly time frame. Last week's neutral doji came with heavier volume (distribution), so we need to watch for the potential of a 'bull trap', although I would see the net bullish technicals as a more bullish long term outlook.

The Nasdaq is an effective repeat of the S&P. Net bullish technicals, bound by last week's bearish volume. The same risk applies for the Nasdaq as for the S&P.

The Russell 2000 (IWM) still has a long way to go before it challenges weekly highs. Technicals are net bullish, but not overbought, but given action in the S&P and Nasdaq, my expectation is for this index to follow suit and continue to gain; this is not an index leading lower, but one that is lagging higher.

After months of consolidation, Bitcoin made its eventual breakout push on the weekly time frame, surging 9% on light volume. It may take more volume to help the breakout stick, but it's a positive start.

With weekly charts starting to reflect the general positivity of markets, we can now look forward to better days ahead. Secular bull markets don't start from rallies off lows, but begin when markets break to new all-time highs, and that's what we are looking at here. Value buyers will have always been buyers up to now, now it's time for the momentum traders to get involved.

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