UltraShort SPY (SDS) Looks Higher

As we head into the noon-time lull, the ProShares UltraShort SPY (NYSE: SDS) is carving out an interesting and very nervous near-term pattern between 61.30/80 on the high side, juxtaposed against 59.60/40 on the low side.  The weight of my near-term technical work leans towards an upside resolution to the trading range, with the SDS thrusting above 61.80/85 towards my optimal target zone of 63.50.  At this juncture, only another downside pivot reversal that presses the SDS beneath 59.50/40 will wreck the developing pattern.

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