Stocks are seeing a post-Obama/Romney debate rally this morning and the report on weekly jobless claims and August factory orders are having little impact. Perhaps the markets are trying to factor in a low-surprise factor in Friday’s unemployment and payrolls data. We are analyzing the SPDR S&P 500 (NYSEMKT: SPY) as it is the most liquid of all ETFs.
For Thursday’s chart analysis, Phil Erlanger said,
Wednesday we find that SPY right on pivot at $144.49. We noted, “Watch to see which way it breaks to go long or short.” We got through pivot and closed at $145.09. Today we are trying to get above resistance. Failure to clear resistance today would mark continued choppiness to the market.
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OCTOBER 4, 2012
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