Stocks are trying to stage another rally. Is it the presidential debate, earnings season, higher revisions, or just a continuation of a bounce? Well, that is where the charts come into play because charts are supposed to filter out the day to day noise. Today we are analyzing the SPDR S&P 500 (NYSEMKT: SPY) as it is the most liquid of all ETFs.
For Wednesday’s chart analysis, Phil Erlanger said,
Tuesday action never looked back at the initial gap above resistance. Today we have had a subdued opening and currently trading above the initial 1 and 5 minute highs (grey lines). We look to break through the Tuesday last two hour high (blue line) which is currently being tested and then a run to the resistance level of 145.90 (red line).
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 17, 2012
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