Stocks are seeing a post-unemployment pop today now that the rate has dipped to 7.8% as the lowest since January 2009. Whether or not you trust the numbers is up to you, but one thing that investors can agree on is that charts rarely have to be defended or attacked. We are analyzing the SPDR S&P 500 (NYSEMKT: SPY) as it is the most liquid of all ETFs.
For Friday’s chart analysis, Phil Erlanger said,
Thursday we were trying to get above resistance when we published our comments. SPY broke out above resistance giving us our first REALLY strong day of the week. The trend has continued this morning as we have gapped above resistance again. Resistance is $146.50. We testing the 5 minute low, $146.82, so this needs to be retake sooner than later today if we are going to make a move towards $147 today.
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 5, 2012
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