Here is the July-October pattern in the RTH, which shows last weekââ,¬â"¢s upside breakout above 100.50, the upside follow-through to 101.49, and then the pullback into todayââ,¬â"¢s low at 99.45 ââ,¬â€œ which happens to suffice as a higher-low within the overall bullish channel. As long as the RTH manages to hold above critical near-term support at 99.45/28, then the larger uptrend pattern will remain intact ââ,¬â€œ and with it the potential for a run to my optimal larger target zone of 102-03.

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.