Apr 19

Minor Hiccup in Bull Trend for S&P

One thing is for sure, despite the troubles in the China market last night, the major US equity market ETF's certainly are taking the Asia sell-off in stride. In fact, the enclosed daily chart of the S&P 500 SPDRs (AMEX: SPY) ETF shows no evidence of a top. If anything, today's action represents a minor hiccup within the dominant uptrend -- and the hiccup (pullback) may well be over! From a technical perspective, as long as 146.00 near-term support contains a resumption of weakness, I have to think that the SPY is about to launch into new high territory above 147.70. My next target zone is 148.50/80.
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!