[/caption] S&P Emini 500 Futures gapped up 4.75 points at the open, and the gap remained open at the end of the day. Today's action created a new market high since the March 2008 lows. The high came on very light trading. Volume was just little over a million contracts which is about half of the 50 day average. Highs marked on light volume are suspect. It will take a high volume follow through by the markets in the next 2-3 days to validate the upward market direction. All of the time frames show an overbought condition, so be alert for a downward correction. Expect to see support at the 1170 level before a retest of the current highs. S&P 500 day trading course
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