NEW YORK (TheStreet) -- The stock indexes closed higher on Wednesday for the third day in a row in anticipation of Dr. Draghi (the European Central Bank's head, Mario Draghi) delivering the "drugs" (that would be quantitative easing) on Thursday to keep the asset bubble alive and well.

The DJIA closed up 39.05 points to finish at 17,554.28 while the S&P 500 closed higher by 9.57 at 2,032.12. The Nasdaq gained 12.57 points to finish at 4,667.42. The only index that did not close higher was the Russell 2000. It lost 4 points to close at 1,166.25.

The question now is, will Draghi deliver enough drugs and how will the market respond?

The S&P 500 Trust Series ETF  (SPY) volume on Thursday came in at over 118 million shares. This is the third up day in a row where the volume has been lower and lower. This appears to be a continuation of a pattern that has been prevalent for over a year now. Up day volume is lower versus down day volume.

Some large-cap stocks that had a very good day on the upside from extreme oversold signals were King Digital Entertainment (KING) , Ball Corp. (BLL - Get Report) and GoPro (GPRO - Get Report) .

The SPDR Gold Trust (GLD - Get Report)  exchange-traded fund now seems to be extremely overbought and some profit taking should be in order. This extreme overbought condition is not sustainable.

It seems that caution is still warranted for traders and investors alike in this stock market.

If, indeed, this stock market is counting on the massive bond buying program from the ECB on Thursday, the conflicting signals given by the negative divergences on a daily time frame may prove to be an overriding factor as far as which direction this stock market will take.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.