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Purely from a pattern perspective, the ProShares UltraShort SPY (NYSE: SDS) pattern off of Friday’s low at 44.35 to this morning’s high at 45.59 exhibits bullish form, which if accurate warns us to expect more upside in the upcoming hours. After an intervening pullback to 45.01, the current rally has the look and the underlying oscillator power to test – and likely hurdle – 45.59, which should trigger upside follow-through towards a revisit of more important resistance at 46.50/65. Only a break of 45.00 will begin to compromise the near-term technical set-up.
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!
