The time of truth for the "recovery rally" off of last Thursday's corrective low at 5550.50 in the e-Mini June Nasdaq futures contract (e-NDM), which corrected 50% of the entire upleg off of the April low (5347.75) into the May high at 5727.25.
As we speak, e-NDM is attempting to fully test its prior all-time high at 5727.25, but so far appears to be struggling to do so.
In fact, Amazon.com, Inc. (AMZN), Apple Inc. (AAPL), and Facebook, Inc. (FB) are down on the day, with Alphabet Inc. (GOOG) 6 points off of its intraday high, suggesting strongly that the big horsemen of the NDX could be a bit exhausted at the moment, which does not bode well for an e-NDM thrust to new all-time high at the moment.
The question is whether or not e-NDM is peaking for a second time in the vicinity of 5717/27, leaving it vulnerable to some profit-taking pressures in potential Double Top territory?
A decline that breaks and sustains beneath 5688.50 will trigger preliminary signals that just such a near-term negative scenario is gaining traction.