In summary, it looks like things are going to be very interesting in the new year. For now, it is necessary to remain bullish, but alert.

The market is strong, as evidenced by new all-time highs in all four major indices this past week. Since price action is the most important indicator, the overall trend remains bullish as long as SP-500 holds above support.

There is a short-term support at 3725. Below that, there are two important support areas, the first is at 3630-3650, and the second is at 3550.

So, what could possibly go wrong? Well, there are plenty of sell signals that could be setting up.