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.”
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If you did not watch our prior video, here is the link for your review.
September 17, 2012