Stocks are trying to stage another rally. Is it the presidential debate, earnings season, higher revisions, or just a continuation of a bounce? Well, that is where the charts come into play because charts are supposed to filter out the day to day noise. Today we are analyzing the SPDR S&P 500 (NYSEMKT: SPY) as it is the most liquid of all ETFs.
For Wednesday’s chart analysis, Phil Erlanger said,
Tuesday action never looked back at the initial gap above resistance. Today we have had a subdued opening and currently trading above the initial 1 and 5 minute highs (grey lines). We look to break through the Tuesday last two hour high (blue line) which is currently being tested and then a run to the resistance level of 145.90 (red line).
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OCTOBER 17, 2012
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