By Mike PaulenoffMar 15, 2019 - 9:11 AM EDTAs for ES (S&P 500 E-mini futures), it is up 10 points at the moment, at 2822.25 after retesting its post-Dec. recovery high at 2826.50 in the overnight session, mostly in another obligatory algo knee jerk response to a POTUS statement of progress in the China trade negotiations. My attached hourly chart shows the Double High at 2626.50 accompanied by three upside momentum non-confirmations of the rising price action after Tuesday's high at 2799 (see Red Circle), which if nothing else-- and in the absence of another bullish headline that triggers algo buy programs-- is a technical warning signal that not all is right with the week-long vertical advance. That said, we know this market defies gravity. Only a sustained decline beneath 2815.25 will hint that the Wed.-Fri. Double High at 2626.50 has potential to morph into a more significant Double Top in the event ES presses to an beneath 2808.00 (Thurs. low). For the time being, however, with ES trading at 2817/18, the bulls remain in directional control, no doubt eyeing 2626.50 as the upside magnet to run some stops early on OPEX Friday. If 2626.50 is taken out and sustained, ES will point to 2830/35 next... Last is 2817.25 $SPY $DIA $QQQ Mike Paulenoff is author of 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! * I really like Mike's charts and analysis. This is shared with my readers here via MPtrader.com *Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. Follow us and check back occasionally for additional articles or comments.