MDY Chart – June 24, 2009
I charted MidCap SPDR ETF (MDY) on Wednesday afternoon while it was trading at $102.66.
- MDY found support yesterday at the point of its short trend line of lower lows and its longer trend line of higher lows
- MDY hit resistance today at its 50 day moving average
- Williams %R is starting to edge up and become bullish, but that will fail if resistance holds today
Opinion = I’m waiting to see if the 50 day moving average maintains its power of resistance and if the longer trend line of slightly higher lows mentioned above holds. One is going to give soon and that will point the direction for the following week or two most likely.
I'll take requests for stocks and ETFs to chart too. You can reach me at alex [AT] chart-analysis.com. DISCLAIMER: Charts found on these pages are my opinions and I take no responsibility for any losses you may incur if you agree with my charts. Although I am a Registered Investment Advisor Representative, the content contained on this site is not personal advise. Consult your own financial advisor or do your own research before trading or investing in any of these securities.
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