Yesterday was a good day for price action but once more confounding to any of us who were brought up in a world where we should be dismissive of lack of volume on upside moves. That derision has only caused pain to anyone who bet against a market that can seemingly rally on poor volume, over... and over.... and over. At the bottom of these charts you can see no expansion of volume on even a day like yesterday which was the strongest move up in 3 months in many indexes. This type of action (price movement without parallel volume) used to scream trap door, but in 2009/2010 it seems to mean nothing. A very strange era.
Coming into the week the targets to turn bullish were going over this combo: S&P 1110, NASDAQ 2220 and Russell 2000 620 - so with this morning's (lo and behold) premarket move up, we should be surpassing these levels in the latter 2 indexes, and testing S&P 500's right from the get go.