S&P 500 Chart, Looking for That Oversold Bounce

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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SEPTEMBER 27, 2012