UltraShort S&P Climbs to New Recovery High

UltraShort S&P Climbs to New Recovery High
By Mike Paulenoff, www.MPTrader.com

Although the ProShares UltraShort Inverted SPY ETF (AMEX: SDS) has climbed to a new recovery high at 70.52 today, my work continues to warn me that unless the buyers propel the price structure into a vertical thrust right from here, the likelihood is that the SDS will reverse from the channel resistance line and make another attempt to swoon towards the 68.00 support area, which is why I don't want to be long the SDS "up here."

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