The S&P 500 Depository Receipts (SPY) have managed to hold above 125.00-124.25 during every dip during the past two weeks. However, as we speak, the SPY is pressing against the top of that support range, which must contain any forthcoming weakness to avert serious pattern deterioration thereafter. A break of 124.25 should trigger a press towards the July low support and low area.



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.