While volume has been somewhat weak, and declining every day, there are other signs of strong buying power, such as breadth and the eagerness of early buyers.

The past few days marked only the 2nd time in nearly 30 years that the S&P 500 gapped up at the open by 1% or more for three days in a row (the other was 11/25/08).

There were five other distinct times when the S&P gapped up 0.75% or more for three straight days, shown in the table below.

The table uses prices for the S&P 500 SPDR (SPY), but checking the S&P futures back to 1982, there weren't any additional instances.

All but one of the precedents saw some sort of short-term pullback during the next several days.  In the case of the one in 1997, the market rallied for a few days, then dropped for a week.

While each of them saw some kind of short-term weakness, all of them were also higher a month later, by impressive amounts.  If one would have waited for 3-7 days or so, then bought and held for a month, the returns would have been about double what's shown in the table.

The only instance where all three gaps were "unfilled", meaning they didn't trade below the prior day's close at any point during the day, was 11/5/99, and that was one of the more positive ones going forward, with the least short-term pullback.