Stocks are trying to hold on to gains after several days of selling and now we have to consider that we may be seeing an “oversold market bounce” trying to take shape. Today we are analyzing the SPDR S&P 500 (NYSE: SPY) as it is the most liquid of all ETFs.
For Thursday’s chart analysis, Phil Erlanger said:
Wednesday saw SPY trading pivot to support. We noted, “The range from resistance to support is VERY wide given yesterday’s (Wednesday’s) puke. Pivot will be a challenge today. SPY could be down for a fifth day in row which is very oversold on a number of days basis.” SPY indeed did trade down for a fifth day. This morning SPY hit resistance at $143.96 and has failed. Watch for a retest or a break of pivot at $143.45. The market remain fragile despite the positive open.
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