The market has seen better weekly jobless claims, a higher revised Q3 GDP report and better home sales data this morning. Shares are also higher on more hopes that a fiscal cliff resolution will be made. We are analyzing the SPDR S&P 500 (NYSEMKT: SPY) as the most liquid of all ETFs covering the broad market.
For Thursday’s chart analysis, Phil Erlanger said,
Wednesday saw the trend of below support holding at 10:00 a.m. SPY support was $139.92 and we got a massive reversal to the upside which we did not expect but the value lines caught nicely.
Today SPY is trying to move above resistance at $142.33. Since this is a gap up day watch to see if the five minute low holds at $142.04. Pivot is much lower at $140.66.
It should also be noted that the SPY is back up right at the critical 50-day moving average of $142.38. The 50-day moving average acted as hard resistance earlier this month.
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November 29, 2012