Morning thoughts today from Adam Grimes from the Macro report:

For now, the situation is simple. If the market is able to hold these gains and hold above recent resistance (now potential support around 1,200 S&P Cash), then there is a very high probability that we will close the year on the highs. If not, and if we fall back into this range, even more of the edge will have been eroded from our bullish call. For now, yesterday’s price action is strong confirmation of our cautiously bullish stance, and we are
waiting to see if the bulls can press their advantage over the next few sessions.