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The stock market continues to grind away on the upside overnight off what we think is generally up beat overall macro economic psychology. With a couple voting US Fed members yesterday, suggesting that the US economy is into a sustained recovery mode, the stock market seems to have gotten beyond the disappointment of the last US Non farm payroll reading. With another sharp upward jump in Chinese manufacturing output readings overnight and the Chinese economy getting a large measure of focus because of the US Treasury Secretary visit, the favorable Chinese economic news is probably getting more coverage than usual. In addition to the favorable Chinese economic news, the market is also seeing up beat macro economic views from US shippers and that would seem to leave the bulls with ongoing control today. With the December S&P already managing to climb above the October highs in the early going today, we suspect that bullish momentum is capable of controlling the trade today. In fact, with a partial holiday eliminating the prospect of negative scheduled data flow, there would not appear to be an event to derail or trip up the early bullish tilt.

S&P 500: With the S&P already into new highs for the move in the early going today and the trade seeing a number of other positive developments overnight, it would seem like bullish momentum is going to remain in place. We suspect that critical support in the December S&P moves up to 1098.50 but there might not be much in the way of significant resistance until the market reaches up to an extension target of 1110.30, which is a critical gap area from the 2008 meltdown period.

DOW: One almost gets the feeling that the Dow is poised to draft off favorable Chinese economic news overnight, as a 19% expansion of Chinese output for the month, is certainly a big enough number for the markets to embrace the idea that the Chinese economy will indeed help pull the world through the recession. The Dow has already forged another distinct upward thrust on the charts early this morning and it would seem like the December Mini Dow is capable of rising to the next resistance zone of 10,312. Critical support in the December contract now moves up to 10,227.

NASDAQ: A big range up extension in the December Nasdaq in the early action today would seem to leave the 1800 level as the next logical target. A favorable projection for Apple phone sales overnight also adds to the overall up beat macro economic view that has seemingly become entrenched again. Critical support in the December Nasdaq moves up to an old quasi double top at 1777 and unless news from the US retailing front later this morning alters sentiment, the bull camp looks set to control prices today.

TODAY’S MARKET IDEAS: The trend is up, don’t fight the trend.

This content originated from – The Hightower Report.