Mike Paulenoff
11-30-2006, 02:02 PM
Since Tuesday morning’s low print at 138.10 (pt. & fig. basis), the SPY has climbed to within a few ticks of retesting its prior high print at 141.10 (11/22). The structure of the upmove from 138.10 to 141 has a bullish look to it, but also the look of completion, which suggests to me that the SPY should stall around here (141), and embark on a day or two of pullback into the 139 area prior to staging another rally effort to new high ground projected into the 141.50 target zone next. Only a decline that breaks 138.10 will inflict serious damage to the near-term chart structure.
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Read more and view the technical chart analysis at http://www.mptrader.com/markets.php