The equities market held firm for the 4th day with the S&P 500 maintaining the fresh all-time highs set earlier in the week. The action is on light volume and may go nowhere but bears the hallmarks of a larger move to come. If the market breaks out to the upside on the first trading day of the New Year the S&P 500 could add rise another 275 points before hitting the next major resistance point.

The New Year will bring more than just a bullish market with the monthly NFP data on tap. The report will likely show another gain in overall employment, the question is how much? The Leading Indicators suggested an acceleration of activity in December so the number could be an improvement over the previous month.