The market has seen better weekly jobless claims, a higher revised Q3 GDP report and better home sales data this morning. Shares are also higher on more hopes that a fiscal cliff resolution will be made. We are analyzing the SPDR S&P 500 (NYSEMKT: SPY) as the most liquid of all ETFs covering the broad market.
For Thursday’s chart analysis, Phil Erlanger said,
Wednesday saw the trend of below support holding at 10:00 a.m. SPY support was $139.92 and we got a massive reversal to the upside which we did not expect but the value lines caught nicely.
Today SPY is trying to move above resistance at $142.33. Since this is a gap up day watch to see if the five minute low holds at $142.04. Pivot is much lower at $140.66.
It should also be noted that the SPY is back up right at the critical 50-day moving average of $142.38. The 50-day moving average acted as hard resistance earlier this month.
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 29, 2012
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