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The hourly pattern carved out by the ProShares UltraShort SPY (NYSE: SDS) since the beginning of June shows that all the action appears to be developing into a sideways contractionary price range. At this point, a decline that breaks 51.80/50 should trigger downside acceleration to new low territory, while a climb above 55.05/40 should trigger upside continuation towards 57.50-58.00 thereafter. For the time being, after holding 51.79, the SDS likely is only mid-way through with its upward traverse of the recent range, as it heads for a test of 55.00 next.
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!
