The morning's failure to hurdle and sustain above 1210 in the e-SPU triggered a flight into a deeper pullback after yesterday's upleg from 1195.25 to 1210.75. In fact, the E-Mini September S&P retraced just over 50% of yesterday's rally prior to bouncing off of 1202.50 into the 1205 area. My work continues to argue for additional strength that hurdles 1210.75 into the 1214-1216 target zone.

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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.