SPX In New UpLeg

The cash SPX continues to rally off of yesterday's pullback low at 1257.21, and in fact has climbed "too much" to be consider anything other than the start of a new upleg (rather than a rebound within a larger corrective process). At this juncture, we are looking for a retest of the 12/14 high at 1275.80, which if hurdled should trigger upside acceleration to my next optimal target zone of 1278-81. Only a sudden downside pivot reversal that presses the SPX beneath yesterday's low at 1257.21 will invalidate my current constructive work. You can view the annotated chart at http://www.mptrader.com/markets.php

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