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By Mike Paulenoff, www.MPTrader.com
In a bull market environment, the picture of the S&P 500 & its SPY ETF, as viewed by the e-Mini S&P 500 chart, would be very different. Let's notice that today's new recovery high at 1269 looks like it could have been an upside breakout from a base-like pattern that resembles an "inverted head-and-shoulders," doesn't it? The e-SPU failed to hurdle the neckline at 1260.50, and instead has pivoted to the downside for what points to a revisit of the "Right Shoulder" (RS) support at 1244/40, which if violated could trigger a plunge that retraces much of last week's upmove from 1200.25 to 1260.50. Indeed, this "bears" watching closely.
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!
