Early in the session the SPX made a new multi-month peak at 1048.18 prior to pulling back a bit. The price weakness did NOT inflict any meaningful damage to the nearest-term September uptrend. Only a decline that breaks 1025 will inflict preliminary damage, while a breach of 1008 will exacerbate the damage to a point of concern.

Unless and until such weakness develops, the medium and near-term uptrends remain intact and dominant‹and project still higher prices towards 1100-1120.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of

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