Stocks are selling off on the twenty-fifth anniversary of the stock market crash of 1987. There is little to focus on from government economic data, but stocks are selling off ahead of the weekend on a myriad of earnings reports which are fair to poor. Today we are analyzing the SPDR S&P 500 (NYSEMKT: SPY) as it is the most liquid and most representative of the broad markets out of all the ETFs which trade.
For Friday’s chart analysis, Phil Erlanger said,
SPY today has broken support on some weaker earnings reports. Watch to see if $145.26 which is support can be retaken. If it cannot, then no need to commit to the buyside.
As far as how this support matters, it depends upon your timeline. The 50-day moving average for the SPY is not seen until $143.23.
The Erlanger Value Lines can be accessed via Erlanger Chart Room. The daily service gives investors and traders access to critical buy/sell levels on the S&P 500, NASDAQ, DJIA, Oil Services Index, gold & silver, any index or equity, as well as analyzing short-squeeze opportunities and more. For more information we direct you to sign up here.
OCTOBER 19, 2012
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