After a favorable durable goods report and after improving weekly jobless claims, stocks have managed to find some footing the day after the FOMC statement. We are analyzing the SPDR S&P 500 (NYSEMKT: SPY) as it is the most liquid and most representative of the broad markets out of all the ETFs which trade.
For Thursday’s chart analysis, Phil Erlanger said:
Yesterday we noted that, “Today SPY is trading resistance to pivot which is an improvement over the past couple of days. However, if the weakness continues then pivot could be broken at $141.44.” This happened as we closed at $141.02. Today we are hanging in above resistance, barely. We have moved below the 5 minute ranges. Get long a move above the 5 minute high of $142.28 or short a break of resistance at $141.81.
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OCTOBER 25, 2012