S&P 500, SPY Set to Hurdle Highs - Mid-Day Minute for Mon November 13th 2006

Nov 13

S&P 500, SPY Set to Hurdle Highs

by Mike Paulenoff, Mon November 13th, 2006

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With the SPY's about 0.25 from a new high, and the pattern of higher pullback lows very much intact, is there any reason why we should NOT expect the SPY to hurdle 139.14 in the upcoming hours? At this juncture, only a decline that breaks Friday's low at 137.72 will trigger very preliminary signals that the bulls are exhausted (on a micro trading basis), while a break below the pre-election low of 136.20 is needed to trigger more meaningful negative signals. Otherwise, a sustained hurdle of 139.14 will project towards 140.00/20 next.

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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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