The powerful rally in the S&P 500 continues, beyond my next target of 1175 towards 1180, using the emini chart. My pattern work argues that a new upleg began at Sunday evening's healthcare low�, at 1144.50, which if accurate indicates to me that the e-SPM still has a number of upside zigs and zags�, ahead prior to completion, which could be at 1180, or 1200 at this point. Only a decline in the e-SPM that violates 1170 will begin to compromise that pattern and the upside projection.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.