Looks like no economic news can stop the bulls these days. It would have to be something much, much bigger, but also then they may use it just as another buying opportunity on the way up.
For now let's see how they cope with some little overhead resistance somewhere at current levels:

Great charts, jarek.

AIG having a nice day today. Such a valuable company, it deserves it.

This is interesting. Probably won't amount to anything, but it is curious.

http://www.zerohedge.com/article/arms-trin-index-most-extreme-deviation-1956

Bulls may still save the day here. After the first move off the bullish ABCD of exactly right size now they defend KZ well with a small ABCD:

Glad I refreshed. That's the ABCD I am going to reference. Notice the TL creep on the 1-min that has happened off of it. In 'the old days' before Mar '09 (the day the music died...), that would break down with only two failed examples in my entire experience (including all stock examples and timeframes). After Mar '09 the ES would break up in almost every case! Talk about manipulation... Still, it's potentially dangerous, so I'm watching it.

It just broke down severely, like the old days. Notice crude dumped hard at the same time, too (on, say, a 34-tick chart).

Now, are those bigger bullish ABCD's that just formed???

Looking pretty bad for the bulls here...

The forces are gathering for the final battle for the day:

Bulls tried hard off 1.000 W2 ABCD but now faced this small DB ABCD at X marks the spot. ABCD after ABCD today...

You notice how they frequently do that on 'battle days'.

Hey, where's roofer today? I miss his posts.

It had to get one tick higher! That also got it to the exact 1.272 at 36.20 on that ABCD. So, we got a weekly close essentially at the high tick for the week, the month so far, and the entire 'bulls#$&' market. Those poor bears, still trying to call the top. For me, I'll just keep creating 'ride the long' plays.

It's the bulls time in the sun. I'm not going to fight that. I just saw in a Bloomberg survey not one single analyst was bearish on next year. 100% bulls! I'm seeing 'breakout' and acceleration calls everywhere. Sentiment is extreme for the bulls. It can get more extreme, or stay extreme for a long time. The $VIX is dragging on the lows, but can get lower.

Midcaps one good trading day from new all-time highs. Russell, Transports, etc. right behind Midcaps. The entire drop from the crisis erased, new all-time highs. Unreal. It's the bulls time to shine. Let them enjoy it, as it won't last. The bears will shine again, just not today. Goin' with the flowin'...