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Wed November 5th 2008
SPY Breaks Key Micro Support
by Mike Paulenoff, www.MPTrader.comSPY Breaks Key Micro Support
By Mike Paulenoff, www.MPTrader.com

The S&P 500 Depository Receipts (AMEX: SPY) has broken key micro support at 98.30/00, which triggered downside continuation to 97.14 so far. Let's notice, however, that the hourly RSI remains pointed straight down, and that the SPY has been unable to chase its way back towards a test of the 98.00/30 breakdown area. This warns me (for now) that the SPYs have more downside directly ahead, into the 96.00 target zone in the upcoming hours.

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