Although the S&P 500 Depository Receipts (SPY) pressed lower than I thought was likely, the secondary low at 122.55 preserved this morning's pre-open LEH low at 122.47. The subsequent rally to 123.94 has left behind an intraday double-bottom that has power to revisit key near-term resistance at 124.00, which if hurdled should trigger continuation to 125.25/50 thereafter.



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.