I know that I have pointed out things underneath the surface of the market that seem peculiar or odd with such a strong rally, but there is another useful tool that says this upward move should last until September.  That tool is 'T Theory' which was developed by Terry Laundry (http://www.ttheory.com/).  I discussed this tool in some of my earlier posts a year ago.   

T Theory is versatile and employs the principle of symmetry to market movements and money flows.  I am using T Theory with the Nasdaq momentum oscillator that is constructed using advances/declines - NOT price itself.  The T is measured from peak to trough in the indicator.  That distance is projected forward from the trough to give a future date at which time the symmetrical pattern has run its course.

In the chart below, notice that the oscillator peaked on May 4, followed by a decline into the July 8 low.  Once the down sloping trendline connecting the oscillator highs is violated, that is the signal to make the future projection.    Taking the number of days from May 8 to July 8 (65) and projecting forward from July 8, gives us a date of September 11.  That means that prices should move higher on balance until that time.