Santa Claus brought the market exactly what it wanted for Christmas, a new all-time high. The S&P 500 advanced more than 1.0% on Monday to close near the high of the session and set a definitive new all-time high. This high breaks the market out of its recent consolidation and could add another 100 points or more to the index before the next level of major resistance is reached.

This week?s action could be a bit volatile due to low volume and engagement. The biggest news of the week will come on Thursday when they release the Chicago PMI. The PMI is expected to advance from the previous month, the question is by how much? Regardless, the data will not likely move the market unless it is wildly out of synch with the consensus estimates. The market will be closed on Friday in observance of the New Year Holiday.