A few thoughts from me.
The price is being led by retail, some big traders and perhaps some small funds that operate in the spec end of the market.
Retail tends to fomo in this price action, big traders will have created their positions a few weeks or months ago and would likely unwind into the newly arriving liquidity (these people can make their whole years living in a nice rally like this) and spec funds with a few million to invest will acquire shares based on their risk models while projecting potential revenue against the current market regime outlook.
Large funds will be waiting for actual revenue.
With that out of the way, the parent/higher time frames indicate some nice thrusts upwards as price looks for equilibrium. Increases in volume, while not mind blowing, indicate demand is outstripping supply. These relative low volumes are my reasoning for the absence of large funds, but more likely that the retail/trader/spec funds are leading the rally.
5minute chart.
Strong momentum being supported by the 8day ema (red). A breakout continues to hold and likely will due to the market backdrop (which is strong. many breakouts are working). That said price is moving hard and fast and these moves run out of steam eventually. Consolidation at a higher level is very encouraging then. This brief pause before a continuation of higher prices is a characteristic of institutional buying.
The low SOI will be contributing to the large impulse moves and this can potentially mask the buying of big players as they don't want the price to run too hard. Something to keep in mind.
For me the chart lens switches to when to book some profits in a potential blow off top or when to acquire some more in a consolidation. You want to be following the rest of the market now and a few other select stocks that have broken out. When you see a few show weakness you want to switch to a defensive mindset.
NASDAQ futures continue to rise and show the hand of large investment banks. At the moment they look to be attacking well defended short positions so volatility will likely pick up in the coming week. These ripples will be felt would wide.
(20min delay)