S&P 500 Chart Versus Anti-Austerity Protests

For Wednesday’s chart analysis, Phil Erlanger said, “Tuesday we noted, ‘SPY was trading pivot to support. Watch to see if we can hold pivot at $145.56 or break out above resistance at $146.07. Otherwise another range bound day may be ahead.’ Well SPY did get above resistance and then failed at resistance, pivot and support to close below support. Pivot was $145.56 and one could have gone short there for a nice gain as SPY closed at $144.10. Today SPY is trading pivot to support. The range from resistance to support is VERY wide given yesterday’s puke. Pivot will be a challenge today. SPY could be down for a fifth day in row which is very oversold on a number of days basis.”

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SEPTEMBER 26, 2012