The market is soft and traders and investors are looking for support in what is a day guided by overseas trading action. We are analyzing the SPDR S&P 500 (NYSEMKT: SPY) as the most liquid of all ETFs covering the broad market.
For Wednesday’s chart analysis, Phil Erlanger said,
Tuesday we were trading pivot to resistance. Pivot was $140.87. Resistance was up at $141.54. The 5 minute range was $140.93 to $140.75. Several key economic data points are due out at 10:00 a.m. EST that could move markets. Watch to see if pivot holds or we can take out resistance. SPY failed to hold pivot and finished just below support. The trend of below support holds today. SPY support is $139.92. We are over the cliff today. Watch to see if we can move back above the 5 minute low of $139.54. Ugly day. No need to be a buyer today.
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November 28, 2012