S&P 500 Chart Fight Ahead of Election
After another positive ISM reading, it seems as though the markets are fighting to find direction ahead of Tuesday's presidential election. 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 Monday's chart analysis, Phil Erlanger said:
"SPY had a complete reversal on Friday starting above resistance and finishing below support. Today SPY is trading below pivot at $142.23. The range from resistance to support is wide given Friday's weakness. Support is $140.74. Watch to see of support is challenged early in the session. We note the 5 minute low needs to hold at $141.15 within the first hour of trading."
It is also worth noting that Friday brought on a failed test of the 50-day moving average on the SPYDERS and that 50-day moving average is up at $143.38 as of now. See the full chart below.
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NOVEMBER 5, 2012
Filed under: 24/7 Wall St. Wire, Active Trader, ETFs & Mutual Funds Tagged: featured, SPY