Stocks are lower so far on Tuesday as small business confidence dipped and as the European situation is back in focus. Right now seems like a market dominated by charts ahead of earnings season, which kicks off today after the close. We are analyzing the SPDR S&P 500 (NYSEMKT: SPY) as it is the most liquid of all ETFs.
For Friday’s chart analysis, Phil Erlanger said, “Monday was a struggle for SPY as it never got above pivot and closed between pivot and support. The only good news is that SPY did close above support. Today SPY is again trading pivot to support. SPY has yet to break support but it is testing support at $145.26. We would feel better about a long bias if SPY could break above $145.44 its five minute high.”
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OCTOBER 9, 2012
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