S&P 500 Chart Fight Ahead of Election

Before you go, we thought you'd like these...
Before you go close icon

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.

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 5, 2012


Filed under: 24/7 Wall St. Wire, Active Trader, ETFs & Mutual Funds Tagged: featured, SPY
Read Full Story

Markets

S&P 500 2,374.15 25.46 1.08%
DJIA 20,763.89 216.13 1.05%
NASDAQ 5,983.82 73.30 1.24%
DAX 12,454.98 406.41 3.37%
NIKKEI 225 19,079.33 203.45 1.08%
HANG SENG 24,422.07 282.59 1.17%
USD (per EUR) 1.09 0.00 0.11%
USD (per CHF) 1.00 0.00 -0.06%
JPY (per USD) 110.28 0.64 0.59%
GBP (per USD) 1.28 0.00 0.30%

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

If You Find One Of These In Your Yard, Don't Touch It - And Try Not To Panic If You Find One Of These In Your Yard, Don't Touch It - And Try Not To Panic
Don't Get Too Close To a Newborn Giraffe Unless You Want to Get Kicked in the Nuts Don't Get Too Close To a Newborn Giraffe Unless You Want to Get Kicked in the Nuts
Cops Catch Up To A Suspicious Speeding Vehicle - And Make An Appalling Discovery Inside Cops Catch Up To A Suspicious Speeding Vehicle - And Make An Appalling Discovery Inside