With two hours remaining in todayââ,¬â"¢s session, the SPX is circling 1277/78, which is just below important resistance at 1280.  A print of 1282 will constitute an upside breakout on the chart, and trigger a projection to 1290 next.  Only a decline that breaks 1270 will begin to compromise the current constructive 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.