The markets are looking for direction after the dismal jobs report this morning. Now the question is whether or not the report was bad enough that it will force Ben Bernanke into another round of quantitative easing. Today we are analyzing the SPDR S&P 500 (NYSEMKT: SPY) as it is the most liquid of all ETFs.
For Friday’s S&P 500 SPDR chart analysis, Phil Erlanger said, “Thursday was a gap open well above resistance. We noted, “Watch to see if the 5 minute high holds at $142.31. We would use the 5 minute low to go “aggressively” short at $141.92.’” Neither happened and we continued higher to close at $143.77. SPY remains between pivot and resistance. We remain within the five minute range of $144.10 and $143.94. Today is about keeping the gains of yesterday so we would pay attention to the prior day’s 2 hour high of $143.78.
If you did not watch the outlook video from August, here is the link for your review.
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September 7, 2012