Although the ProShares UltraShort Inverted SPY ETF (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.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.