Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.
Vertical Advance Gains Even More Upside Traction
Right after I posted my earlier "EITHER/OR" scenario for e-SPM-- a vertical thrust towards the upper-channel line at 1875/78, or a nasty downside reversal that breaks 1862.75-- the index took off to the upside, and has just about satisfied its upside target zone at 1875/78.
Of course, if the e-SPM hurdles and sustains above 1878, I suspect we will not be able to rule out additional "melt-up" strength that propels the index right to a test of its all-time high at 1892.25 on April 4.
At this juncture, only about of weakness that breaks 1872 will trigger initial indications that today's vertical advance is complete.