Day trading Market flies high on low volume trading, shaky foundation for a continuation to the upside.
The S&P500 emini future moved up on very light volume today. ON 1.27 million volume the S&P500 has traveled from 1322 to 1340. 18 points on a very small volume. As long as this closes above 1332 the buyers will still be in control of this move. If the emini closes below these levels we could see a sell off this next week. If price can be contained at the highs watch for consolidation up to 1350 over this next week. Resistance will be coming in at 1340 from previous swing highs in August, and then 1351 and further to 1365. If there is less commitment on the buying side through this next week, I will be looking for a sell off or a small correction. Support on this move up will come at 1332.75 with Yesterdays high of 1325.25 acting as the first Major support. If the market plays this back to this level and consolidates, watch for a rounding of the shoulder with smaller range days to complete a Head and shoulders pattern. This is a crucial area of support here and if the buyers are holding this we could see a test to higs of 1432 then 1465 and an extreme high of 1502 in the year. 
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