Short S&P 500 ETF Confronting Key Resistance - Mid-Day Minute for Thu January 21st 2010

Jan 21

Short S&P 500 ETF Confronting Key Resistance

by Mike Paulenoff, Thu January 21st, 2010

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Last week I entered a 50% long position in the single-levered Short S&P 500 ProShares ETF (NYSE: SH) just in case Mr. Market decided it did not like earnings season or the President's agenda. The daily chart of the SH shows that the price structure has spiked above its Nov-Jan resistance line at 51.60 and followed through towards a confrontation with its declining 50 DMA, now at 52.68, which if hurdled should trigger acceleration to test more important resistance along the Aug-Jan down trendline at 54.00.

Chart

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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