S&P 500 Stock Index Testing Key Resistance
Stock-Markets / Stock Markets 2011 Oct 06, 2011 - 04:41 AM GMTBy: Mike_Paulenoff
Why did I bail out of my long ProShares Ultra S&P 500 (SSO) position (+7% in a day and a half)? Largely because the e-mini S&P 500 was bumping up against an important one-week resistance line at 1129.00, which in THIS market could elicit a negative reaction.
That said, so far there has been very little weakness after the initial bump against 1129. Should the e-SPZ hurdle and sustain above the resistance line, then my next optimal upside target zone is 1139-1143.
Conversely, any selling pressure from a failed hurdle of the resistance line MUST hold 1120-1115 thereafter.
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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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