Today marks a solid day for Breadth again this week and SPX has rallied to within striking distance of Jan 6 highs. A couple important short-term developments as the Wave structure has gotten better based on today's move above 5965. While this doesn't signal a move straight back to new highs, it does signal that 1/13 lows likely won't be undercut right away. Thus, there is some short-term resistance into today/Monday near 6021. However, next week's pullback likely should only retrace 50% or so of the rally this week before turning back higher in stronger fashion. Thus, it's right to expect that despite some likely consolidation next week that prices did in fact bottom on 1/13 and are en route back to new all-time highs eventually. As shown below, there hasn't been structural change to the trend. However, sentiment had gotten worse into recent days, while breadth has proven much better this week. Overall, it's right to be bullish into mid-February, but expect some stalling out in all likelihood that could begin Monday, taking SPX down to 5900-5925 before turning up and moving to new highs into late January/early February

S&P has begun to stall after the bounce from earlier this week. The area at 5980-90 lies near trendline resistance and it's thought that this should be important and then 6021 will be important to exceed to confirm. All 11 sectors are higher today, but breadth is rather mixed, and Utilities and REITS are providing most of the strength. I'll be watching carefully over next 2-3 days, but first area of importance on the downside is today's earlier lows at 5934.44, then 5871.92. The ability to undercut that would be troublesome into next week, and will monitor if/when that happens. At present, Treasury yields and DXY are mildly weaker today which is a minor positive for risk assets, but some of the weakness in large-cap Tech is offsetting this, specifically AAPL. At any rate, the minor bounce from earlier week remains intact, but part of ongoing consolidation from early December.