The S&P 500 Depository Receipts (AMEX: SPY) has broken key micro support at 98.30/00, which triggered downside continuation to 97.14 so far. Let's notice, however, that the hourly RSI remains pointed straight down, and that the SPY has been unable to chase its way back towards a test of the 98.00/30 breakdown area. This warns me (for now) that the SPYs have more downside directly ahead, into the 96.00 target zone in the upcoming hours.

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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