Pfizer announced the preliminary results of a study showing its Covid-19 vaccine has shown to be at least 90% effective. Simply put, this is a game changer: the first definitive signs that the pandemic which has killed 1.2 million worldwide can be controlled.

S&P 500 futures are currently up 157 points to new all-time highs.Note that ES reached the target of the IH&S pattern established and then consigned to the dust heap in late October. The first order of business is to determine whether these prices can hold.

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