After closing above its 9-day moving average yesterday, the SPX has accelerated away from the moving average towards the top of its two-month trading range, in the vicinity of 1295-1297.50.  My work argues for continued strength into the above-mentioned resistance area, which should put a lid on the upmove that started last Wednesday at 1268.42.

Mike Paulenoff is a 25-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his E-mini S&P and QQQQ technical analysis and trading alerts. For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary, or try his QQQ Trading Diary.