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:

Very interesting. That big, quick pop up on the ES reopening, they pretty much gave it all back just as fast. Now looking back on track for the downside scenario. Very curious behavior.

Futures all over the place. Must be because Obummer is yapping on TV about how the tax cuts must be extended, and the unemployment compensation. A deal was made, and all the tax cuts will be extended for two years, EIC, child credit, American op credit, etc. Add on the unemployment compensation, plus the 2% payroll tax cut, plus more business cuts (which came in exchange for more generous treatment of the estate tax). In other words, the maximum deficit amount possible. Unreal. I can't see any way the market doesn't just love this. New highs should be on the way soon.

Hmmm, back to weakening. If news like this agreement can't drive it up, maybe it's out of gas. The 20:00 start time has come and gone, and it didn't freefall to that 1210 area, so that scenario is off the table. It may still head there, but not along jarek's green line at the prescribed time. And with jarek's line dropping over time, if that is to be hit, it would have to get crushed. Can't wait to see how it plays out.

Remember that TL I mentioned. It has moved up a bit over time, and was just hit there within a tick.

5 points straight up off that TL, which was also a .786 ABCD.

3.25 points from the high for the entire 'bulls#$&' market. Can't imagine they won't be trying for that.

Not to mention three successive and prominent swing-highs just to the left to stop run...

Shouldn't take them long...

our tools are the best i know at catching the most traders looking the wrong way....the common wisdom is short bonds , long stocks and commodities.....yet the geometry says we are at key resistance in stocks and gld.....and crazy as it may seem, this is a bullish chart...

our tools are the best i know at catching the most traders looking the wrong way....the common wisdom is short bonds , long stocks and commodities.....yet the geometry says we are at key resistance in stocks and gld.....and crazy as it may seem, this is a bullish chart...

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'...