SP 500 Uptrend Remains Intact and Dominant

By: Mike Paulenoff | Fri, Sep 11, 2009
Print Email

It is remarkable that after a 6% upmove in six sessions, the S&P 500 closed down only 0.13% on Friday.

Early in the session the SPX made a new multi-month peak at 1048.18 prior to pulling back a bit. The price weakness did NOT inflict any meaningful damage to the nearest-term September uptrend. Only a decline that breaks 1025 will inflict preliminary damage, while a breach of 1008 will exacerbate the damage to a point of concern.

Unless and until such weakness develops, the medium and near-term uptrends remain intact and dominant and project still higher prices towards 1100-1120.



Mike Paulenoff

Author: Mike Paulenoff

Mike Paulenoff

Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

Sign up for a free 15-day trial to Mikes ETF Trading Diary today.

Copyright © 2007-2010 Mike Paulenoff

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com