As the market keeps rising, looks like the new trading dynamic has begun. The SP500, factoring in Q4 eps, has started to trade with a trailing multiple just above 15. And so long as the SP500 keeps hugging the 5SMA, it should keep rising until it starts to test the monthly resistance.
The market should see a consolidation around the current levels. (Possibly around 1480.) If the employment numbers hold up, as the jobless claims suggests they will, the SP500 will break this resistance, and start trading with a trailing multiple above 15.
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