Two days of increasing buy volume suggest follow through of institutional support for the recent market low.

While Wednesday’s 2.5% gain for the S&P 500 is a traditional Follow Through Day, excessive volatility in the market calls for caution.

We’d prefer at least a 4% move to adjust for increased volatilitiy in the market these days. The more the better.

But before any kind of tradeable low we want to see some real leadership from stocks trending above major moving averages, such as the 20-day average.