With the SPYââ,¬â"¢s about 0.25 from a new high, and the pattern of higher pullback low very much intact, is there any reason why we should NOT expect the SPY to hurdle 139.14 in the upcoming hours?  At this juncture, only a decline that breaks Fridayââ,¬â"¢s low at 137.72 will trigger very preliminary signals that the bulls are exhausted (on a micro trading basis), while a break below the pre-election low of 136.20 is needed to trigger more meaningful negative signals.  Otherwise, a sustained hurdle of 139.14 will project towards 140.00/20 next.

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.