Overall, we are seeing bullish price action with little volume to back up the moves. Still, don’t bet against the trend and right now that is up!

Here’s a chart:

The major trend is bright, the minor resistance is dim. Major concern is the lack of volume.

The resistance is coming from the high on 6/21/10 at 1131. If this is passed, the index could go as high as 1170 before hitting further resistance.

More finishes near the highs of the day are great for the market and even better if we can get a jump in volume.

In other news, Priceline (PCLN) broke out of a cup and handle pattern in a huge move today:

The big move today puts a buy on PCLN for bulls.

I’m always a bit sketched out buying in after a big move of 10% or more, but Priceline is a solid company and this chart is looking good. Watch for the reaction tomorrow and see if we get a follow through. If things are looking good, it might be worth taking a long position in.

You also might enjoy:

• Breakouts in S&P, Dow; Not in Nasdaq
• Markets retreat to averages; Inverse head and shoulders possible
• Volume floods markets, Monday’s session very important
• Major strength after selling pressure
• Markets Take First Hit, Correction Possible