S&P Chart Fights Employment Report (SPY)

For Friday’s S&P 500 SPDR chart analysis, Phil Erlanger said, “Thursday was a gap open well above resistance. We noted, “Watch to see if the 5 minute high holds at $142.31. We would use the 5 minute low to go “aggressively” short at $141.92.'” Neither happened and we continued higher to close at $143.77. SPY remains between pivot and resistance. We remain within the five minute range of $144.10 and $143.94. Today is about keeping the gains of yesterday so we would pay attention to the prior day’s 2 hour high of $143.78.

If you did not watch the outlook video from August, here is the link for your review.

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September 7, 2012