Investing
S&P 500 Buy-Sell Pivots: Trying For 2-Day Gain (SPY, MSFT, AAPL, XOM, GE, T, PG)
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Can the markets rise two days in a row anymore? That is what we are looking for in the daily charts review. We are tracking the daily buy/sell pivot points on the SPDR S&P 500 (NYSEMKT: 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.
S&P Leaders today so far are Microsoft Corporation (NASDAQ: MSFT) and Apple Inc. (NASDAQ: AAPL) in tech; Exxon Mobil Corporation (NYSE: XOM) in energy; General Electric Company (NYSE: GE) in conglomerates; AT&T Inc. (NYSE: T) in telecom; and even the down and out Procter & Gamble (NYSE: PG) in consumer products.
For Wednesday’s S&P 500 SPDR chart analysis, Phil Erlanger said, “Tuesday saw the SPY close between resistance and pivot. This morning the SPY is trading pivot to resistance. The ability to move above resistance would be a positive on SPY at $132.60. It seems reasonable that if strength persists we can trade through resistance. We would look to go short a break of pivot at $131.76.”
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 27, 2012
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