We can see that the S&P 500 Index (ES futures, above) have recovered all of their Thanksgiving losses, as traders shake off the prospects of widening credit defaults. We're now at the top of a multiweek range, with the 1111/1112 area as resistance.
Note, however, that we're further from bull peaks in the NASDAQ 100 and Russell 2000 Indexes, as well as the financial, consumer discretionary, and energy sectors. Accordingly, I show a little over 1000 new 20-day highs today, fewer than we saw in mid-November. I will be watching closely to see if that number expands; if not, I'd look for a reversion move back into the range.
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