Since Monday’s pullback low at 143.19, which nearly tested the lower channel line off of the January low, the S&P 500 SPDRs (SPY) has rocketed towards the upper channel boundary – next at 146 – where the price structure should either pause for a rest or pivot to the downside in a significant reversal spike. Right now, all roads point higher in the upcoming hours, prior to what my intermediate-term work is warning me will be a major opportunity to establish short positions.





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.