Look for Shares of Midcap SPDR Trust Series 1 to Potentially Pullback after Yesterday's 1.05% Rise
Midcap SPDR Trust Series 1 (AMEX:MDY) traded in a range yesterday that spanned from a low of $264.97 to a high of $267.24. Yesterday, the shares gained 1.0%, which took the trading range above the 3-day high of $265.46 on volume of 569,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Midcap SPDR Trust Series 1 share prices have moved between a 52-week high of $282.41 and a 52-week low of $216.91 and are now trading 23% above that low price at $266.56 per share. The 200-day and 50-day moving averages have moved 0.07% lower and 0.79% higher over the past week, respectively.
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 8.3%. We continue to monitor MDY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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