Investing
S&P Chart Tries for Another Breakout! (SPY, BAC, JPM, GE)
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The S&P 500 Index is being led higher by big gains of 2% or more in the large S&P components of J.P. Morgan Chase & Co. (NYSE: JPM), Bank of America Corp. (NYSE: BAC), and General Electric Co. (NYSE: GE) after Mario Draghi unveiled his bond buying plans.
For Thursday’s S&P 500 SPDR chart analysis, Phil Erlanger said:
Wednesday we were trading pivot to resistance when we penned. It was noted, “The test is to move above pivot at $140.87 and hold there. Also, watch to retake the 5 minute high of $141.06. Get more aggressive on the short side if SPY breaks pivot.” The short side worked for a move down to $140.65. Remember to use trigger indicators to cover shorts. Today is a gap open well above resistance. Watch to see if the 5 minute high holds at $142.31. We would use the 5 minute low to go “aggressively” short at $141.92.
If you did not watch our video from August, here is the link for your review.
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 you can sign up here.
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