Short S&P 500 ETF Confronting Key Resistance
Mid-Day Minute for Thu January 21st 2010
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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Last week I entered a 50% long position in the single-levered Short S&P 500 ProShares ETF (NYSE: SH) just in case Mr. Market decided it did not like earnings season or the President's agenda. The daily chart of the SH shows that the price structure has spiked above its Nov-Jan resistance line at 51.60 and followed through towards a confrontation with its declining 50 DMA, now at 52.68, which if hurdled should trigger acceleration to test more important resistance along the Aug-Jan down trendline at 54.00.
