Time of Truth for S&P 500 - Mid-Day Minute for Tue December 19th 2006

Dec 19

Time of Truth for S&P 500

by Mike Paulenoff, Tue December 19th, 2006

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The time of truth emerges: the final two hours of trading. If the SPY can claw its way above 142.00/05, we should see upside follow-through into the 142.40/50 area thereafter, which will be a signal that the Fri-Tues pullback ended this morning at 141.19 -- and that the SPY is in the midst of a revisit of last Thursday's high at 143.24.

Conversely, a late-session plunge that breaks 141.19 will be a very negative near-term technical "event," and will argue that the SPY is undergoing a much deeper correction of the most recent upleg off of the 11/28 low at 137.96.

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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