S&P 500 Consolidating at Top of Upleg

S&P 500 Consolidating at Top of Upleg
By Mike Paulenoff, www.MPTrader.com

For the most part, the SPDR Trust (AMEX: SPY) have held yesterday's gains extremely well, and appear to be consolidating right at the top of the upleg from 124.77 to 128.62, presumably ahead of another thrust that will confront critical July-Aug resistance at 129.10/15. If hurdled and sustained, the SPY should accelerate to confront its key resistance plateau at 130.20, which represents the coordinate of the declining 50 DMA.

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