All eyes were on 2330 support again on Friday in the Emini S&P 500 (ES), but that level contained the morning's selling pressure, reaching a low at 2336.50. It is curious that before a three-day weekend, the ES gained upside steam in the final hour of trading. In other words, there is NO FEAR (yet).

Be that as it may, with the ES remaining above 2330 on a closing basis-- the Upper Megaphone Boundary Line-- the price structure has
potential to overshoot to 2350 (+1% already accomplished), and to 2375 (+2%).

See chart below. Also see my interview this week on Business Insider, in which I discussed the factors that could dampen this relentless rally.

Have a great trading week!

By Mike Paulenoff

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

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