Blow Off Tops

This is an intraday chart of the emini S&P500 index. The action at the end of the day is so similar to the market back in 2000.  Finishing at the highs looks good and makes the news, but what actually caused it to finish at the high? In a thin market approaching new highs every week, it doesn't take much for everyone to step out of the way...and it goes higher. This is why the late stages of bull markets often are very profitable and go higher than people think is rational.

The market quickly got above the opening range but the trade was choppy action made it tough to get to that first target of 3138.75. Once there, it failed to hold and then it went down and tested the top of the opening range twice at 3134.25. Then the once it was clear it wasn't going lower, the gunning for the high started. It was clear it was going there, but it wasn't easy to hold once back above 3138.75. 

Any guesses on low volume for the rest of the holiday week? It will not take much to go higher.