continuation move

A continuation move, and on strong volume!  I thought price only went DOWN on volume in this market?  There is still a layer of resistance overhead, so we could still get a failure to break through, but this is a step in the right (bullish) direction.  A 50% projection target on this seed wave comes out to the $140 level.
This short squeeze game has been playing out for the past two years non-stop.  Today was yet another example of price gaping up and triggering short positions to be covered.  It would be critical for price not to close too bearish tomorrow (also through next week) as then there would still be hope (for bearish positions) for a double top type formation, around the $135.50 area or even the $137 level.

However....where the SPY and DIA have more of a bullish tone, the IWM & QQQ are lagging (non-confirmation?) and have more room for bearish supply coming into the market.
DIA - still room for a double-top

IWM - still plenty of room for error.  I can see it being a better setup if it came down slightly to put in a right shoulder to an inverted H&S

QQQ- plenty of room for a double top or failed breakout overhead

also, all four of these index ETF's are still within a Head & Shoulders formation on the weekly time frame (charts to those were posted yesterday).