After Yesterday's Rally of 1.12% Shares Could Potentially Pullback
Midcap SPDR Trust Series 1 (AMEX:MDY) traded in a range yesterday that spanned from a low of $279.54 to a high of $281.42. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $278.86 on volume of 932,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Midcap SPDR Trust Series 1 has traded in a range of $216.91 to $282.41 and is now at $281.25, 30% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has remained constant.
SmarTrend is monitoring the recent change of momentum in Midcap SPDR Trust Series 1. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Midcap SPDR Trust Series 1 in search of a potential trend change.
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