The profile that has been carved-out off of yesterday's low at 1299.50 in the S&P 500 appears to be potentially very constructive, especially if (when) the SPX claws its way above 1311 to trigger upside projections into the 1321/24 target zone. Only a break below 1303 will neutralize the developing bullish profile.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.