MidCap SPDR Bounces off Support Zone, but Still Lags

Arthur Hill
by Arthur Hill,
Chief Technical Strategist, TrendInvestorPro.com

After hitting a new high in mid May, the S&P MidCap 400 SPDR (MDY) fell back towards its April lows in June. Combined with the 38.2% retracement, these lows mark support in the 200-202 area. MDY has yet to fully recover from last week's plunge and needs to break the May trend line before we can take an oversold bounce seriously. Also notice that the ETF shows relative weakness as the price relative moved to its lowest level of the year.

130627mdy


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Arthur Hill
About The Author:

Arthur is the Chief Technical Strategist at TrendInvestorPro. Focused primarily on US equities and ETFs, his systematic approach of identifying trend, finding signals within and setting key price levels has made him an industry-leading technician. Learn More 

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