With one hour remaining in today's session, the upside "squeeze" pattern that has been carved-out after the April 17 pivot low at 1280.74 continues. Notice that every pullback has held and turned from a higher-low, the last of which was yesterday afternoon at 1303.92, which has resulted in a rally to today's high at 1315.14 so far. The series of higher-lows continues to press the SPX up towards the 1315-1318 series of highs. The pattern argues that the bulls should squeeze the SPX up through the horizontal highs, triggering acceleration to 1325-1330 thereafter. A reaction to tomorrow's employment report? Perhaps. Only a plunge that breaks 1303 will damage the developing squeeze pattern.

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.