The NASDAQ bulls are on a mission and that is to test the all-time intra-week or weekly closing high at 5132/5048 respectively. There seem to be no obstacles to that occurring this week, at least not until the FOMC minutes come out on Wednesday. Nonetheless, the FOMC minutes are a possible “monkey wrench” since the probabilities now are becoming high that the Fed will start mentioning raising rates sooner rather than later because of the improving economy. That would put a big damper on this rally. As such, the probabilities strongly favor a strong run in the index on Monday and Tuesday.

Last week, the DOW rallied 1%, the SPX 2% and the NAZ 3%. If those percentages are mimicked again this week, it will place the DOW at 18199, the SPX at 2137 and the DOW at 5039. As such, those numbers all make sense as this week's objectives.

One thing though, the probabilities of the NASDAQ going "above" the all-time high are (in my opinion) next to zero, meaning that if the bulls accomplish all of that this week, there will be little ammunition left to accomplish anything more, perhaps for the rest of the year (at least until October). Simply stated, the top of this up-trend could be seen this week.