Where Is Possible Support for SPY?

Schaeffer's Investment Research
  OCT 24, 2012 12:15 PM

Take a look at some possible support areas for the SPDR S&P 500.

 


The SPDR S&P 500 (NYSEARCA:SPY) is down nearly 5% from its September peak.  The sell-off yesterday almost filled in the gap from September 6, which happened to be the day the European Central Bank (ECB) announced its major bond-buying program — which was, hence, a big up day for our markets. The following week, our own Fed announced QE3, which also spiked the markets up further.  The charts below illustrate my possible support areas for the SPDR S&P 500 ETF (SPY) :


Click to enlarge



This article by Tony Venosa, CMT was originally published on Schaeffer's Investment Research.

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