S&P Reversal Has Power - Mid-Day Minute for Tue June 24th 2008

Jun 24

S&P Reversal Has Power

by Mike Paulenoff, Tue June 24th, 2008

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S&P Reversal Has Power
By Mike Paulenoff, www.MPTrader.com

The S&P 500 Depository Receipts (AMEX: SPY) fell out of its Fri-Mon sideways congestion (coil) pattern to new reaction lows at 130.20, which was right near my optimal downside target zone of 130.50, and has since pivoted to the upside for a recovery that has propelled prices back up into the congestion area (131.30-132.10). The reversal has power, and if it hurdles 132.10/25 then my work will confirm that a significant near-term low has been establish on the way to 134.50 as an initial target.

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!

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