Upmove In Ultra Long SPY

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By Mike Paulenoff | Published 03/24/2010 | Stocks | Unrated

Upmove In Ultra Long SPY

The remarkable series of higher lows in the ProShares UltraLong SPY (SSO) remains intact this morning, despite the volatility in FX and precious metals. Yesterday’s pullback low was 41.73, while today’s low so far is at 41.93. Only a break of 41.73 will begin to compromise the integrity of the extreme near-term upmove off of Monday’s healthcare low at 40.91 into yesterday’s high at 42.55. My next upside target zone is 42.80-43.10.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.

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