Stocks have been consolidating for the past 7 weeks since closing at a new all-time high on May 7th.
Stocks managed to close above the May 7th high on day 23 of the last daily cycle. Then declined into the 26 day DCL. Tuesday is day 4 of a new daily cycle and stocks have closed at a new all-time high. Breaking out to a new daily cycle this early in a daily cycle gives stocks time to rally.
If stocks deliver bullish follow through this should lead to a bullish trending move, 4240 can then be used as the stop.