Mar 16

S&P on the Rise?

Now what? Looks to me like the S&P 500 SPDRs (AMEX: SPY) has completed a minor pullback from 141 to 138.20...and should turn up again for another attempt to hurdle resistance at 140. Of course, expiration within the next 30 minutes may have an impact on the next immediate directional move, but net of the influence of the expiration, my work points to the upside.
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!