Stocks are seeing a post-Obama/Romney debate rally this morning and the report on weekly jobless claims and August factory orders are having little impact. Perhaps the markets are trying to factor in a low-surprise factor in Friday’s unemployment and payrolls data. We are analyzing the SPDR S&P 500 (NYSEMKT: SPY) as it is the most liquid of all ETFs.
For Thursday’s chart analysis, Phil Erlanger said,
Wednesday we find that SPY right on pivot at $144.49. We noted, “Watch to see which way it breaks to go long or short.” We got through pivot and closed at $145.09. Today we are trying to get above resistance. Failure to clear resistance today would mark continued choppiness to the market.
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.
OCTOBER 4, 2012
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