Since Friday’s recovery rally high at 143.81, the S&P 500 SPDRs (SPY) have carved-out what looks like a sideways, coil-like congestion area between 143.60/80 and 142.30/15, which I regard as a bullish continuation pattern that when complete should propel the price structure towards the 145.00 next target zone. Only a sustained break below 142 will begin to compromise the still bullish technical set-up.



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.