The New Q, Same as the Old

On this gap higher, essentially back to the summer (as well as dot-com bubble highs), in the QQQ this morning, ETF of the Nasdaq-100, it is hard not to conjure up the October 2007 scenario where price made a marginal new high as the bull market concluded. 

Given the damage sustained in late-summer, with the QQQ taking out several quarters worth of lows, even if there is no bull market top in sight, more consolidation would make sense. Of course, there is always the notion of a new paradigm where Central Banks "control" market and change them into V-shaped robots. 

But with small caps in the Russell still far from their own highs, I suspect the market will need another few waves of AMZN GOOG MSFT earnings rallies to put to rest any semblance of potential resistance.