S&P 500 Chart Looking for Support

The markets are trying to hold on to some footing after big post-QE3 gains from last week. Today we are analyzing the SPDR S&P 500 (NYSEMKT: SPY) as it is the most liquid of all ETFs. With Bank of America Corp. (NYSE: BAC) leading banks lower with its shares down over 2% and with Alcoa Inc. (NYSE: AA) leading metals lower after poor Empire Manufacturing data, today’s charts are going to need a much better review than the buying-binge we saw last week.

For Monday’s chart analysis, Phil Erlanger said, “We are seeing a slow start to the week in trading. Key levels to watch today: Resistance of 147.98 and support on SPY at 146.63. If we break above the Pivot line (pink) at 147.37 we can tag a run at the resistance. The previous session (Friday) two hour low (brown line) at 146.76 seems to be holding as support for Monday’s action.”

The Erlanger Value Lines can be accessed via Erlanger Chart Room. The daily service gives investors and traders access to critical buy/sell levels on the S&P 500, NASDAQ, DJIA, Oil Services Index, gold & silver, any index or equity, as well as analyzing short-squeeze opportunities and more. For more information we direct you to sign up here.

If you did not watch our prior video, here is the link for your review.

September 17, 2012