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.