Here's an intriguing chart just in from Chris Kimble, a 30-year+ market technician and regular contributor to dshort.com. Chris explains:

Is the Nasdaq 100 (NDX) index very far from its 2007 high? Actually it's less than 8% away, around 150 points. Without a doubt the trend is up at this time, outperforming both the S&P 500 and Dow.

Is being this close to the old highs something to embrace or fear?

Speaking of fear, the VXN (Nasdaq Fear index) is reflecting one of the largest spreads in years, while the NDX is pressing up against price resistance.

Fear can remain low for years, as it did from 2005 to 2007, while the NDX made sizeable gains and the same can take place again. But resistance needs to be taken out.