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S&P Chart Sees 200-Day Moving Average Alert

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By Jon C. Ogg Updated Published
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After PPI and retail sales showed no major pressure, stocks are trying to find their footing after selling off considerably since the election. We are looking at the charts for guidance, particularly the SPDR S&P 500 (NYSEMKT: SPY) as the most liquid and large of ETFs covering the broad markets.

For Wednesday’s chart analysis, Phil Erlanger said,

Tuesday saw the SPY open at the low for the day and rebounded to move above support at $137.88 when we penned. Then we rallied to above resistance before a complete failure of the move to finish below support. Currently, SPY is attempting to clear pivot at $138.13 but has yet to do that. Another day of trading pivot to support ahead or worse a break again of support? Pay attention to the value lines today as there is a 1:30 p.m. EST President Obama Press Conference and FOMC Minutes due out at 2:00 p.m. EST.

There is one major issue that is coming up as well today on the chart. The SPYDERS are at $137.45 on last look and the 200-day moving average is at $137.32 as of 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.

November 14, 2012

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

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