The Mid-Day Minute

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S&P Fails to Hurdle Neckline
Tue, Jul 22 2008, 05:59 GMT
by Mike Paulenoff
MPTrader.com
In a bull market environment, the picture of the S&P 500 & its SPY ETF, as viewed by the e-Mini S&P 500 chart, would be very different. Let's notice that today's new recovery high at 1269 looks like it could have been an upside breakout from a base-like pattern that resembles an "inverted head-and-shoulders," doesn't it? The e-SPU failed to hurdle the neckline at 1260.50, and instead has pivoted to the downside for what points to a revisit of the "Right Shoulder" (RS) support at 1244/40, which if violated could trigger a plunge that retraces much of last week's upmove from 1200.25 to 1260.50. Indeed, this "bears" watching closely.

Published on
Tue, Jul 22 2008, 06:00 GMT
Archive
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Published On Tue, Oct 7 2008, 06:30 GMT
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- GE Hovering Over Critical Long-Term Support
Published On Fri, Oct 3 2008, 05:51 GMT
- Oil's Rally Fails
Published On Thu, Oct 2 2008, 05:59 GMT
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Published On Wed, Oct 1 2008, 05:53 GMT
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