After Yesterday's Rally of 1.38% Shares Could Potentially Pullback
Midcap SPDR Trust Series 1 (AMEX:MDY) traded in a range yesterday that spanned from a low of $264.90 to a high of $267.70. Yesterday, the shares gained 1.4%, which took the trading range above the 3-day high of $264.66 on volume of 1.3 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
In the past 52 weeks, shares of Midcap SPDR Trust Series 1 have traded between a low of $216.91 and a high of $282.41 and are now at $267.37, which is 23% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.8%.
SmarTrend recommended that subscribers consider buying shares of Midcap SPDR Trust Series 1 on February 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $244.18. Since that recommendation, shares of Midcap SPDR Trust Series 1 have risen 8.0%. We continue to monitor MDY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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