Investing
S&P Chart Shows Traders & Investors Fighting To Find Direction.. Daily Buy/Sell Pivots Stand Out (SPY)
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Now that the FOMC meeting is over and with many commodities softening, investors and traders need to pay close attention to the critical chart buy/sell pivots. We are tracking the pivot points on the SPDR S&P 500 (AMEX: SPY) as the most liquid equity ETF on the market to help traders and investors avoid buying at the wrong time or shorting just before a intraday rally.
Erlanger Value Lines are designed to identify key levels for the intraday trader or for anyone trying to establish a new position during trading hours. The Value Lines fall into three categories: Support and Resistance, Extreme values and Range values. From a practical point of view, the Value Lines can act as targets and triggers for short-term trades.
Some think it is uncanny how these levels stop or turn back short-term price swings. We do not. Why? Because both high frequency traders and program trades have built these levels into their models which cause them to gravitate to resistance, pivot or support along with range values like the 5 and 60 minute ranges. We have compiled here the daily chart, the daily analysis for traders to use, and then we have followed it with a general guideline after the daily commentary along with a sample chart.
For Thursday’s S&P 500 SPDR chart analysis, Phil Erlanger said, “Wednesday saw the SPY close pivot to support. Today we are trading pivot to resistance on SPY. Use the 5 minute range for new buys. The 5 minute low is $135.83 and the high is $135.78. When price gravitates to pivot we like to use 5 minute ranges in which case today are above pivot. Again a break of support could be shorted, $135.28.”
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.
General Notes:
Additional general notes for how to use these charts:
June 21, 2012
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