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By Mike Paulenoff, www.MPTrader.com
This is what I wrote for subscribers yesterday about the Retail HLDRs ETF (AMEX: RTH), and there is no change in my outlook right now: The RTH appears to me to have ratcheted up into a higher trading plateau between 93.00 and 96.00 from 92.00 to 96.00, as the price structure pushes towards a confrontation with a cluster of resistance that is represented by its 9-month down trendline, the declining 200-day moving average, and a 5-month plateau of prior failed rally peaks at 96.00/65. If the RTH hurdles the resistance, then it will unleash the potential of a huge base formation that projects to 102 and then 105. Only a decline that breaks 93.30 will begin to compromise my current outlook.
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!
