New Upleg for UltraShort SPY?

By: Mike_Paulenoff

My extreme near-term work is starting to give me very preliminary indications that the ProShares UltraShort SPY (SDS) has seen its worst levels of the session and that it is in the process of turning up after the conclusion of the decline from Monday's high at 84.27 into this morning's low at 76.16.

Although my micro work leaves open a scenario that calls for one more loop down to 76.00, if the current rebound manages to climb above 78.50/80, I will no longer expect a retest of 76.00. Instead, the SDS will be telling us that a new upleg is in progress that should thrust right to test the Jan-Feb resistance line, now at 83.30.

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By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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