S&P Chart Alert After ISM/ADP Ahead of Obama/Romney Debate
Stocks are trying to hold on to gains this morning on the heels of a stronger ISM and strong ADP payrolls report. Right now seemsĀ to be a time where charts are running the trading pattern rather than the economic news…
Stocks are trying to hold on to gains this morning on the heels of a stronger ISM and strong ADP payrolls report. Right now seemsĀ to be a time where charts are running the trading pattern rather than the economic news and it is important to look to see what the charts are telling you ahead of the first of the presidentialĀ debates tonight. We are analyzing the SPDRĀ S&P 500 (NYSEMKT: SPY) as it is the most liquid of all ETFs.
For Wednesdayās chart analysis, Phil Erlanger said,
Tuesday futures were very strong at the start of the session and it looked like a strong open before reality set in. However, SPY broke pivot of $144.68 early on and headed south. Clearly, stocks that make up SPY are not living up to their potential and we would be a cautious buyer as we are in the worst of the seasonal weakness that lasts until October 10th. SPY closed at $144.47 as it rallied in the last hour to close $0.21 below pivot. Today we find that SPY right on pivot at $144.49. Watch to see which way it breaks to go long or short.
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OCTOBER 3, 2012
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.