SPY Breaks Key Micro Support

Nov 05

by Mike Paulenoff, Wed November 5th, 2008

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SPY Breaks Key Micro Support
By Mike Paulenoff, www.MPTrader.com

The S&P 500 Depository Receipts (AMEX: SPY) has broken key micro support at 98.30/00, which triggered downside continuation to 97.14 so far. Let's notice, however, that the hourly RSI remains pointed straight down, and that the SPY has been unable to chase its way back towards a test of the 98.00/30 breakdown area. This warns me (for now) that the SPYs have more downside directly ahead, into the 96.00 target zone in the upcoming hours.

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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