Eyeing Resistance in SDS
Mid-Day Minute for Fri January 13th 2012
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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This morning's JP Morgan (JPM)-inspired weakness in the e-mini S&P 500 has propelled the inverse ProShares UltraShort S&P500 (SDS) towards a retest of yesterday's high at 18.40. If hurdled and sustained ahead of a three-day weekend, this could trigger upside acceleration to probe important near-term resistance between 18.50 and 18.80.
Let's notice that the major resistance line in the SDS now is at 18.90, which represents both critical resistance and a potential major upside breakout level.
