UltraShort SPYs Heading Higher as Stocks Slide

By: Mike_Paulenoff

So far this morning the high at 91.11 in the UltraShort SPY (AMEX: SDS) hit the lower side of my original target zone of 91.10 to 91.60. Let's notice that just above current prices -- at 91.90-92.00--the SDS will smack into a powerful near-term resistance line from the late October peak (late Oct low in the SPYs), which if hurdled will argue that a new and powerful upleg commenced this morning at 84.25…that is heading for 116.00-118.00. (12:35 pm ET 91.13).

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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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