Retail Making a Run

Oct 30

by Mike Paulenoff, Mon October 30th, 2006

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Here is the July-October pattern in the RTH, which shows last week's upside breakout above 100.50, the upside follow-through to 101.49, and then the pullback into today's low at 99.45 -- which happens to suffice as a higher-low within the overall bullish channel. As long as the RTH manages to hold above critical near-term support at 99.45/28, then the larger uptrend pattern will remain intact -- and with it the potential for a run to my optimal larger target zone of 102-03.

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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