The first day of this shortened week has started off bullishly. The S&P 500 rose 19.36 points (+1.80%) which pushed it back into the opening range for February. I said two weeks ago that the February 2nd highs shouldn’t be surpassed if we are going to have a sustained decline in the market. Today’s bounce will put that forecast in jeopardy if the market keeps rallying. One thing about today’s move was the real lack of volume behind it on the upside. It may be something or it may be nothing. Today’s markets aren’t like the market 30 years ago. You can’t completely really trust the volume you are seeing today. We have got program trading, flash trading, dark pools, etc. which cloud what is really happening in the market. So, from what the chart shows, I have to conclude that today’s volume was weak. There were a lot of big moves in individual stocks in the market which is positive. The only thing to do is wait to see if the market can really follow through strongly with the rally. Ideally, you want to see an up day on higher volume to give some support to the rally.