All Roads Lead Higher Short-term for SPY

Feb 14

by Mike Paulenoff, Wed February 14th, 2007

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Since Monday's pullback low at 143.19, which nearly tested the lower channel line off of the January low, the S&P 500 SPDRs (Amex: SPY) have rocketed towards the upper channel boundary -- next at 146 -- where the price structure should either pause for a rest or pivot to the downside in a significant reversal spike. Right now, all roads point higher in the upcoming hours, prior to what my intermediate-term work is warning me will be a major opportunity to establish short positions.

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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