Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Ceiling on Today's Attempted Upside Reversal


Ceiling on Today's Attempted Upside Reversal
By Mike Paulenoff, www.MPTrader.com

Heading into the final hour of trading the e-Mini S&P 500 so far has hit my initial recovery target zone of 1515/18, which for the time being has put a ceiling on today's attempted upside reversal. The e-SPZ has given up its gains of about 9-10 points, but is circling unchanged, which represents a recovery of around 13-14 points off of the overnight low. My work argues that the upmove from 1492.50 to 1515.75, while impressive, actually is a countertrend rally prior to another downleg that should press prices, including the S&P 500 Depository Receipts (AMEX: SPY), into new low territory.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!