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

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