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SPY Technical Update

5/4/2012

 
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With the dissappointing Jobs Report today, the stock market is dropping over 1% with the S&P down over 20 to 1,371, the dow down over 162 to 13,050, and the Nasdaq down almost 60 to 2964.

Looking at the Trendline on an S&P 500 ETF, SPY, one can see that 135 is setting up as support on the whole rally since last October.  If the market breaks below 135, I would not be surprised if SPY trades down towards its 200 day moving average - which is currently around 128.  135 would be about a 5% retrenchment from the 4 year highs of 142 in the market while 128 would be about a 10% retrenchment. 
(Disclosure:  Bellaire Capital Management, LLC currently holds SPY in client accounts.  This is neither an offer to buy or sell any security and this blog post is for informational purposes only).


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