Rochester, NY 8/24/2009 4:06:31 PM
SPDRs, SPY,Biggest Rally from Pattern in SPY SDS Short ETF
SPDRs, SPY
Purely from a pattern perspective, the pattern of ProShares UltraShort SPY off Friday’s low at 44.35 to this morning’s high at 45.59 exhibits bullish form, which the accurate warns expect more upside in the perspective upcoming hours in the current rally. Only a break of 45.00 will begin to compromise the near-term technical set-up.
After an pullback intervening to 45.01, the underlying oscillator power to test and like hurdle to 45.59, should trigger upside follow-through towards a revisit of more important resistance at 46.50/65.
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