The big picture weekly chart of the SPX shows this week's upside breakout into new recovery high territory.  My next optimal targets are 1311 and then 1324.  Only a close for the week (Friday afternoon) below 1297.70 will negate the upside breakout and weaken the very bullish current chart structure.  However, only a downside reversal and break below 1280 will trigger initial weekly signals that the October-March advance is complete.

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.