ES (SPY) Threatens to Thrust into a New Upleg

Mike Paulenoff MPtrader

ES (Emini S&P 500) is trading above 2350, which takes it one step closer to thrusting out of its 9-week, potentially bullish Coil Formation.

Next key resistance is at 2364, which my work argues is the final resistance level that could put a lid on the emergence from the bullish digestion period.

If ES does take out 2364, the prospects for a run at 2440/50 increase significantly.

Climbing the Wall of Worry continues.

Author

Mike Paulenoff

MPtrader

Michael Paulenoff has been a student of and a participant in the world financial markets for the past 26 years, since his graduation from the Georgetown University School of Foreign Service in 1979.

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