If we choose to view the November-December pattern in the S&P 500 emini contract (e-SPZ) as a big "W," then the upside projection from the base-like "W" identifies two optimal measured objectives: 1) 1226/29, and 2) 1237/42.

At this juncture, only a decline below 1210 will begin to compromise the upside targets, while a break into the 1206-1200 support plateau will weaken that larger pattern altogether.

For now, the bulls remain in directional control -- perhaps consolidating ahead of a strong last hour?

 

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