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Upmove in UltraLong SPY

Stock-Markets / Stock Index Trading Mar 24, 2010 - 02:44 PM GMT

By: Mike_Paulenoff

The remarkable series of higher lows in the ProShares UltraLong SPY (NYSE: SSO) remains intact this morning, despite the volatility in FX and precious metals. Yesterday’s pullback low was 41.73, while today’s low so far is at 41.93.

Only a break of 41.73 will begin to compromise the integrity of the extreme near-term upmove off of Monday’s healthcare low at 40.91 into yesterday’s high at 42.55. My next upside target zone is 42.80-43.10.

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By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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