Today we provide closing analysis, as this is our final post until Tuesday morning. The daily chart of the E-mini June S&P argues for more upside, despite any minor set-back that might impact the index during the micro term. As long as today's low at 1191.25 remains intact, my work points to still more upside into the 1204-07 target zone. Thus, in contrast to the hourly chart, which will trigger initial negative signals on a break below 1195, the daily chart focuses on a break of 1191.25, which will signal and confirm that the near-term uptrend is taking a breather and will press towards a test of more critical support at 1186. Have a great holiday weekend!

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.