SPY is Pushing Up Against Important Point & Figure Resistance

Mike Paulenoff MPtrader

While I am on the subject of Point & Figure charts, let's take a look at my intermediate-term SPDR S&P 500 ETF (SPY) set-up, which shows the price structure is range-bound between 232 on the low side versus 240 on the high side.

Since the dominant trend is up, we need to give the benefit of the doubt to upside continuation.

A print of 240.50 will trigger upside breakout projections to 245-246, and possibly to 248-250.

In the event the 240 double high is not taken out with a 240.50 print, then a lower print of 237.50 will begin to morph the double high into a more highly probable double top at 240.

For now, the bulls certainly remain in directional control of SPY.

Author

Mike Paulenoff

MPtrader

Michael Paulenoff has been a student of and a participant in the world financial markets for the past 26 years, since his graduation from the Georgetown University School of Foreign Service in 1979.

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