Equity investors are looking at the long side of the market this morning as friendly talk out of Europe regarding the Irish debt crisis is renewing interest in risky assets.

The shedding of risky assets put downside pressure on the December E-mini S&P 500 this week, leading to the formation of a closing price reversal top. This pattern often leads to the start of a 2 to 3 week break of about 50% of the last rally. A move through 1191.50 is needed to confirm the reversal top; otherwise it could go into sideways mode.

Downside pressure continued to mount on the December E-mini S&P 500 overnight as traders continued to shed risky assets amid speculation of debt woes in the Euro Zone. Without major economic releases to follow and a Treasury Bond market to lean on because of the U.S. Veteran’s Day holiday, thin market conditions and low volume could lead to volatility.

The December E-mini S&P 500 closed slightly better after the release of a weaker-than-expected ADP employment data report. Traders took this market up to 1160.00 overnight, just shy of the May 12 top at 1160.75, before selling off.