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

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