The markets are still showing exhaustion, so most likely we'll see more of a response to the current resistance level, particularly since the volume is light.

The market can still creep higher on Monday as some additional follow-through on these gains, but with momentum slowing and several days of upside already under its belt, it's going to be more difficult to sustain the buying and some rapid pullbacks are now a risk.

Toni Hansen thinks that it seems likely that the market will continue to try to correct off current levels on the monthly time frame.

The correction on the daily time frame still has plenty of room to continue this week, so Toni Hansen will be treating upside setups on just a daytrade basis at this time.

The upside momentum has Toni Hansen concerned.

Heading into Monday and the onset of earnings season, the market remains bullish.

Friday's trading is expected to again be light. The bias is still more on the bullish side, but not as strong as it was heading into Tuesday and Thursday.

The closing action is most favorable for more upside on Tuesday, and the narrow range throughout most of the session on Monday leaves room for some greater swings intraday on Tuesday.

Even though the momentum increased on the upside on Wednesday, the market can still go either way on Thursday.

Since the market was unable to break through the 10- and 20-day simple moving averages, it diminishes the odds for a triangle on the daily charts, and instead favors a break in the 50-day sma with the next main support at the 100-day sma and early April trading levels.