About an hour ago, the SPY made a new recovery high at 142.66 off of yesterdayâ�,��"�s low at 141.19.  The pattern carved out within the upleg exhibits bullish form, which â�,��"warnsâ�,� us that after a pullback (to 142.20/00) we should expect another potent upleg to emerge that propels the SPY to retest and hurdle the 12/14 high at 143.24 -- on the way to 143.50/80 thereafter.  Only a plunge that breaks yesterdayâ�,��"�s low at 141.10 will wreck the pattern â�,�“ and will turn my work decidedly negative on a near-term basis.

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.