It is very bullish after market broke out at 1130, however, the anemic volume in this rally so far make me cautious

The S&P 500 Index gave up 6.5 points, closed at 1142.16. Resistance near 1150 keeps S&P 500 out of higher ground. It is normal to see periodic short-term market pullbacks after extended rallies. The markets are in rally mode and are likely to continue until we see worse-than-expected economic data with the next major report next Friday – unemployment report.

Yesterday I said this market is on buying panic mode, and I think the next critical resistance will be 1170-1175.  Market may retract few days to digest this overbought situation. However, next time you see market gap up with extreme buying panic, you should pay attention. Technically, it is very bullish after market broke out at 1130, however, the anemic volume in this rally so far make me cautious.

People have been thinking all the economic problems are all fixed but we've still got a long way to go. Painfully high unemployment, home prices and the government's enormous deficit are other issues still weighing on the minds of investors.