While we've had a head spinning rally since late Tuesday, the market still is not overbought on a lot of secondary indicators - I've thrown RSI and a stochastic oscillator below as examples. A very quiet day today, consolidating this huge move and where S&P 1188 was held, would have been a victory for the bulls. So far it's even better than that, with the NASDAQ green most of the session, and the S&P 500 well above that 1188 level now.
Volume continues to be light, but I'm training myself in 2011 to forget everything I learned about volume the prior 10+ years, since this new era market laughs at the need for volume to confirm. Eight robots trading amongst themselves changes things I suppose.
With little in economic news, other than a rumor out of Europe not much to move the market. If the S&P 500 can advance to that 1220-1225 level in the next few sessions, that would seem to set up a very nice opportunity for selling/shorting in the very near term, as most of the secondary indicators should be screaming overbought by that time.