After more than five hours, the e-SPU remains inside the coil, but the coil looks pretty mature at this point.  It's ready to break out to the upside, or fail. Right now, my micro work points to an upside resolution to the pattern, the first trigger of which will be a hurdle of 1221.25, on the way to an upside thrust above 1224.25-1225.25 to my optimal target zone of 1228-1230. At this juncture, only a plunge that presses the index below 1216.25 will wreck the pattern.

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.