S&P 500 Pressing Against Support

Jul 28

by Mike Paulenoff, Mon July 28th, 2008

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S&P 500 Pressing Against Support
By Mike Paulenoff, www.MPTrader.com

The S&P 500 Depository Receipts (AMEX: SPY) have managed to hold above 125.00-124.25 during every dip during the past two weeks. However, as we speak, the SPY is pressing against the top of that support range, which must contain any forthcoming weakness to avert serious pattern deterioration thereafter. A break of 124.25 should trigger a press towards the July low support and low area.

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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