Stocks are trying to hold on to gains this Monday stage a bounce after four days of steady selling was broken with only a marginal gain on Friday. A mixed set of economic readings from retail sales and the Empire Manufacturing data came out ahead of this week’s earnings floodgates. Today 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,
Friday when we penned SPY was just moving above pivot. We noted, “The early futures were +6 on the S&P 500 then faded into the open and are now up almost +5. We like this type of move as opposed to a fade from the get go. Looks like bargain buyers have appeared today.” Again the market faded as SPY closed just below support. Today SPY is trading around pivot at $143.14. We remain cautious given last week’s inability to hold any early gains. However, this week is expiration week so anything is possible and the market could have a rebound. SPY has not traded above resistance since October 2. Last week was not a positive for the bulls when one looks at the intraday action.
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 15, 2012
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
