If the blue-chip index pushes up and confirms the transport stocks, expect to see a CNBC celebration, giddiness galore, and likely negative divergences as we head into May.
A pullback is probable for a few days, followed by another rally, and then we will have a full assessment of how strong the market is.
We will be overbought by Wednesday or Thursday.
We'll have a better read on the market's health by the middle of the week.
The rise will likely arrive in fits and starts, especially after the market tacked on so many points so quickly.
It will not be an easy ride, but it should take us higher, perhaps toward month's end.
If the market goes down tomorrow, I would still look for a lift as we head into the holiday weekend.
When the equity put/call ratio sinks into the 40s, it often means a pullback -- although that would make the stock charts look better, not worse.
Now, if the S&P 500 can get over 1855, we could see a round of short covering that takes us up to the 1870-1875 area.