After a big sell-off on Tuesday, stocks have a little bit better earnings reports to digest from the major companies. The markets are so far holding in positive territory and the real question is whether or not those gains can hold. We are analyzing the SPDR S&P 500 (NYSEMKT: SPY) as it is the most liquid and most representative of the broad markets out of all the ETFs which trade.
For Wednesday’s chart analysis, Phil Erlanger said,
Yesterday we noted that, “… we are WAY below support. Bears are in control. We would not dip our toe in the water as a buyer until we can close above the 5 minute high on SPY which is $141.92.” That never happened. However, the 10 minute DMA again worked well as a scalp trade. Today SPY is trading resistance to pivot which is an improvement over the past couple of days. However, if the weakness continues then pivot could be broken at $141.44.
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 24, 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
