I am on the sidelines on Ford (F), preferring to be long the pattern that has been carved out by General Motors (GM) during the past three weeks. For F to get any upside traction, it must climb above its May declining rally tops line, now at 15.22.

After holding support around 31.00-30.85 for the past week, GM has turned up from yesterday's most recent swoon to test key near-term resistance at 31.55/60, which if hurdled should trigger upside follow-through towards 32.50/60 on the way to confront its Mar-May resistance plateau at 33.00-33.50.

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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