SPY/UPRO for 12/19/12
The S&P 500 index had another strong day on Tuesday and closed almost at the high for the day. We have had two strong days and the question is, can it continue.
We are still in the upward channel, which is bullish. The next level of resistance is around 94 and then the previous highs of 97.
I took profits late yesterday afternoon and had more than a 4% return for going long Monday on UPRO and selling late yesterday. I will see if the index tests 89.72 and holds above and at that point I would consider going long again with UPRO.
We are still in the upward channel, which is bullish. The next level of resistance is around 94 and then the previous highs of 97.
I took profits late yesterday afternoon and had more than a 4% return for going long Monday on UPRO and selling late yesterday. I will see if the index tests 89.72 and holds above and at that point I would consider going long again with UPRO.
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