Although the ProShares UltraShort Inverted SPY ETF (AMEX: SDS) has climbed to a new recovery high at 70.52 today, my work continues to warn me that unless the buyers propel the price structure into a vertical thrust right from here, the likelihood is that the SDS will reverse from the channel resistance line and make another attempt to swoon towards the 68.00 support area, which is why I don't want to be long the SDS "up here."

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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