From Today's SPX Forecast:
Once again when we see volume deteriorate going higher, we suspect countertrend rally behavior, but as we have noted, these markets don't need volume to go higher. Today we got lighter volume and we got higher prices. The markets need strong and sustained volume to go lower, and once again this SPX could not hold a light volume pullback and drifted higher. Short term support now 1494, 1491, 1487, 1485 and resistance at 1499, 1503, 1511. So we lost price separation today on lighter volume, so the door is still open to higher prices. Also the DJIA closed at 13900, up 116 pts today, and that leaves the 14K window wide open.