S&P Chart Fights at Resistance
November 27, 2012 by Jon C. OggFor Tuesday’s chart analysis, Phil Erlanger said,
Monday saw SPY range bound pivot to support when we wrote. We noted, “Watch to see if stocks can rebound from early weakness and SPY can move above $140.93. It would be an ominous sign for the market if SPY cannot hold support at $140.46.”
SPY rallied to close above pivot at $141.05. Today we are trading pivot to resistance. Pivot is $140.87. Resistance is up at $141.54. The 5 minute range is $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.
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November 27, 2012
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