If a stock or ETF is making a new all time high, then it is, by definition, in an uptrend.
Given this week's price action in the market, there is no shortage of new ETFs making new all time highs, which to me is clearly and simply a bullish development.
Firstly, QQQ printed a fresh round of new 52 week highs this week:
Secondly, although not as strong as QQQ, the Russell 2000, as represented by IWM, did gap up above its 50 day moving average, and is on the verge of returning to a short term uptrend (within the context of a strong long term uptrend).
But it's not just strength in US markets that is apparent, with European stocks rising strongly this week. The ETF below is the Germany iShares, and it is clearly breaking out of a constructive 6 month consolidation area to new all time highs.
Finally, this European related ETF printed a new all time high on Friday on heavy volume.