With the equity market under pressure, the UltraShort Real Estate ProShares (NYSE: SRS) is rallying off of its three-day support plateau at 22.75, which has propelled the ETF above near-term resistance at 23.80, towards a possible confrontation with its July down trendline, now at 25.15.

Moving over to the emini S&P 500, my 4-hour chart work continues to warn me not to trust the intraday recovery rally from 1088.75 to 1100.00, and to be prepared for yet another loop to the downside that revisits 1089, on the way to test the July up trendline in the vicinity of 1084.00. MJP 7/29/10 2;10 PM ET (1095.75)

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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