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By Mike Paulenoff, www.MPTrader.com
Here is the big picture of the S&P 500 Depository Receipts (AMEX: SPY), accompanied by the juxtaposition of the 9 and 20 day "Adaptive MAs," which are similar in sensitivity to the exponential MAs. In general, what we see if a very neutral near-term picture, with the MAs flattening out and trying to turn up. From a price perspective, since the 3/17 low let's notice that the SPY has carved out a series of higher-highs and higher-lows, or a minor uptrend. Yesterday's powerful thrust appears to be the next attempt to put upside pressure on the "flat tops" established during the Feb-Apr timeframe, which if hurdled should unleash a powerful upside follow-through that tests the major resistance line around 143.00. At this juncture, only a decline that breaks 133 will begin to compromise the current constructive pattern.
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!
