The market showed a clear breakout after consolidating for a few weeks. It broke above the previous highs of 207 gaping up in the direction of the recent trend. We would need to see a follow through in the next few days to see some new highs. We have to remember that this is the level from were the market tanked in late Dec early Jan. If the market overcomes the next resistance around 209 area this will be very bullish and we could see some new highs with the earning season still in progress I think that is a good possibility.