During the past three months, the Russell 2000 Small-Cap ETF (IWM) has carved out an impressive base-like pattern in the aftermath of its 25% correction.

The current action in the QQQQ is an orderly high-level consolidation period.

The Nasdaq-100 ETF (QQQQ) appears to have finished a minor pullback off of Wednesday's high.

The strength off of yesterday's low at 86.05 to 88.40 in the streetTRACKS Gold Shares (GLD) represents a recovery bounce within an incomplete downside correction that projects into the 83.00 target zone prior to completion.

Today's up-gap open in the Emerging Markets ETF (EEM) and powerful upside follow-through has positioned the price structure for acceleration.

The Homebuilders Select SPDR ETF (XHB) has turned up in a meaningful way today after completing a correction.

From a very big picture perspective, the most recent high at $111.70 in crude oil, tracked by the US Oil Fund ETF (USO), not only represents an all-time high, but also demarcates a major momentum non-confirmation of the upleg in oil from the prior pivot low.

The S&P 500 Depository Receipts (SPY) plunged after its higher open and broke marginally beneath yesterday's late pullback low.

The iShares DJ Transportation Index ETF (IYT) continues to act as though oil prices are considerably lower than $101 a barrel, and that the U.S. economy is hitting on more cylinders than currently perceived.

A breakout above 30.00 for the Semiconductor HLDRs (SMH) is a very constructive sign and should signal the emergence of a new recovery upleg.