After another positive ISM reading, it seems as though the markets are fighting to find direction ahead of Tuesday’s presidential election. 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 Monday’s chart analysis, Phil Erlanger said:
“SPY had a complete reversal on Friday starting above resistance and finishing below support. Today SPY is trading below pivot at $142.23. The range from resistance to support is wide given Friday’s weakness. Support is $140.74. Watch to see of support is challenged early in the session. We note the 5 minute low needs to hold at $141.15 within the first hour of trading.”
It is also worth noting that Friday brought on a failed test of the 50-day moving average on the SPYDERS and that 50-day moving average is up at $143.38 as of now. See the full chart below.
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.
NOVEMBER 5, 2012
Sponsored: Want to Retire Early? Here’s a Great First Step
Want retirement to come a few years earlier than you’d planned? Orare you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
