If the strength holds, we will be by end of day at around 19-20 on the 50% plus in a month reading. Such level of momentum often is unsustainable and leads to corrections.
Even though the indexes are showing strength on individual breakout levels we are currently running at a very low levels (51 on bullish and 18 on bearish 4% level)of breakouts. Stocks which broke out a week or so ago are witnessing a run , but there are few buyable breakouts.
Also, if you noticed, in the last couple of days beaten down sectors like housing and mortgages are finding buy interest. This looks like some of the bears throwing in towel. On sentiment side more and more bearish newsletter writers are throwing in the towel and actually embracing the rally now.All these factors provide for an ideal correction scenario lasting few days or weeks.