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:

Originally posted by jimkane

... So watch in here for a possible bearish 'W2'. The 1.000 ABCD is at 1230.50...

That is bears' really last chance:

That's the one. Notice it is struggling at the RTH HOD. It has pulled back in a little tick/1-min ABCD here, so we'll see if that propels it up, or if this is it for the ABCD.

Came back in a bit more, then straight up off the .382. And another close coming right in a critical area. I am working on some plays that are based on the idea that the market likes to close at critical areas.

And there's the RTH HOD again. Does it go to that 1.000 ABCD area, or is this a 'W3'? Notice the cash close, right at the critical decision area.

Notice now, in the after cash, crude, which has been dead for hours, is catching a little bid. Watch ES to see if it 'breaks out' on that.

Okay, less than a minute left until the break, and the ES gets the new RTH HOD.

ES opens up and hits the standard (zigzag) ABCD, at 1230. Now we see. My bet is 'W3'...

ES on the move. Now over the 1.000 ABCD. Can you say 'Wave 3' boys and girls?

The seasonals say the market is weak for the next week, then up. I'm rather surprised, given the layouts in the markets, that they seem to want to bring it up from here without a rest first. But it sure acts like it. This ABCD area in here is super-critical, in my opinion.

1233. ABCD's essentially off the table unless it drops off the 1.272 ABCD 2 points from a new 'bulls#$&' market high. Yeah, that's a likely scenario. As I said, up it goes. New high soon, I suspect. Notice crude did burst up, setting a new high for its move off the morning low. So, if that was a 'W2' this morning, that gives me some info to work with to find likely areas it may be shooting for.

Keep in mind, too, tomorrow is rollover for the ES, so that may skew some of this a bit, given that Mar is trading about 5 points lower than Dec right now.

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'...