Nasdaq Clears Key Resistance, Volume A Bit Tepid

Following a surprising cooling in inflation, at least temporarily (let's remember that one month of data doesn't make a trend), the market got a nice pop yesterday.  While volume came in higher than the day before, indicating accumulation, it was not all that impressive considering the price move.  I want to see another day of higher volume than the day before (and this time above the 50 day average) to indicate more institutions putting money to work.  The Nasdaq cleared two key resistance levels yesterday (the downward trend line and the 50 day moving average).. no doubt this is a very important move.  Now let's see if this old resistance level can hold as new support.  Both the S&P and Dow remain in striking distance of a breakout move.  The market is getting another pop this morning as traders like the CPI data indicating a pause in the escalating inflation.  I certainly won't be chasing this move at the open.  Let's see if it can hold in the first hour, then we might have a chance at a real breakout today. 

The level on the S&P I'm watching today is 1290.  If the S&P can move above this level with volume higher than the day before and hold there, that would be a very bullish move and force me to move more cash into the long side.

What I'm looking for in the Dow today is a strong move and hold above 10344 with volume higher than yesterday above the 50 day average.