After PPI and retail sales showed no major pressure, stocks are trying to find their footing after selling off considerably since the election. We are looking at the charts for guidance, particularly the SPDR S&P 500 (NYSEMKT: SPY) as the most liquid and large of ETFs covering the broad markets.
For Wednesday’s chart analysis, Phil Erlanger said,
Tuesday saw the SPY open at the low for the day and rebounded to move above support at $137.88 when we penned. Then we rallied to above resistance before a complete failure of the move to finish below support. Currently, SPY is attempting to clear pivot at $138.13 but has yet to do that. Another day of trading pivot to support ahead or worse a break again of support? Pay attention to the value lines today as there is a 1:30 p.m. EST President Obama Press Conference and FOMC Minutes due out at 2:00 p.m. EST.
There is one major issue that is coming up as well today on the chart. The SPYDERS are at $137.45 on last look and the 200-day moving average is at $137.32 as of today.
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November 14, 2012