If you think back to the scenario last night offered up by one of our members (I'm so proud, really I am) about using short covering to get the upside volume needed (buying is buying, it doesn't matter where it came from), take a look at how anemic demand is up here at our "New SPX High"...
Daily SPX, so far (and this is early trade, this will change) today's candlestick is showing resistance near Friday's highs with a VERY narrow range, not exactly a great start to follow through on the breakout, but we didn't expect follow through and in fact it is a sign of just what we were saying in that there's very little retail interest, thus the short squeeze scenario from last night (there's more than 1 way to skin a.... fish!)
Look at today's NYSE intraday TICK chart (the number of advancing issues less the number of declining issues(, it's right at -500/+500 which is about as flat as you get, almost no interest here at all.
Something needs to be done, they didn't waste all this ammo to get up here for nothing, they likely still have positions to sell/sell short.
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