By Mike Paulenoff, www.MPTrader.com
Very interesting that the S&P 500 Depository Receipts (AMEX: SPY) plunged after its higher open and broke marginally beneath yesterday's late pullback low of 132.92 (to 132.75) but has since stabilized and is attempting to turn up again. Let's notice that the marginal breach of yesterday's low also violated the 2-week support line (from 3/17) but the SPY nonetheless has managed to turn up. Right now, although I am disappointed in the action from the opening bell, I am impressed with the ability of the SPY to preserve the 133.00-132.90 support zone. Let's see if the price structure now can push higher, above 134.40 to trigger upside acceleration later this afternoon.