S&P Rallies Off Tuesday Lows

Popular Articles

By Mike Paulenoff | Published 05/24/2006 | Stocks | Unrated

S&P Rallies Off Tuesday Lows

Heading into the final two hours of trading, the SPY's are rallying off of a test of yesterday's low at 124.67. At this juncture, only continued strength that hurdles the prior intraday rally peak at 126.75 will trigger important buy signals that will argue against another last hour reverse and capitulation. And although my work certainly shows the requisite underlying oscillator conditions to support a potent recovery rally in this brutal tape, I will believe it when I see it

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.

It should not be assumed that the methods, techniques, or indicators presented on these websites will be profitable or that they will not result in losses. Past results are not necessarily indicative of future results. Examples presented on these websites are for educational purposes only. These set-ups are not solicitations of any order to buy or sell. The authors, Tiger Shark Publishing LLC, and all affiliates assume no responsibility for your trading results. There is a high degree of risk in trading.