S&P Looks for Direction Ahead of Bernanke (SPY)

The markets are all a bit soft this Monday with the major indexes trading marginally in the red. After last week’s negative employment surprise and with Draghi’s efforts to buy bonds from troubled nations, now the markets are trying to find their footing ahead of a Ben Bernanke news week. Today we are analyzing the SPDR S&P 500 (NYSEMKT: SPY) as it is the most liquid of all ETFs.

For Monday’s chart analysis, Phil Erlanger said, “Friday SPY remained between pivot and resistance. The good news is the gains of Thursday held. Today we are testing support at $144.01. If we hold, then we would move to a long bias for today. If we fail, then get aggressive on the short side and use trigger indicators to lock in profits.”

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September 10, 2012