S&P to an Upside Resolution?
Today's coil in the E-mini S&P 500 continues to converge into the apex of the
pattern between 1285 and 1280. The larger pattern from
early Jan. argues for a resolution to the upside, and a
potentially powerful upmove to new highs above 1301.
Conversely, a break below 1280 will be an initial signal
of upside failure, while a break below 1276.25 will be
signal a confirmed failure on the upside, and a plunge
initially towards the 1/25 low at 1262.25. Right now,
my work leans to an upside resolution.
MJP 02/01/06 3 PM ET 1283; SPX 1279.75
For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his Macro Trading Charts. Or try his QQQ Trading Charts or his E-mini S&P 500 Trading Diary.