Another Buy Program Lifts The Market Off Lows
Stocks recovered once again from an initial drop to turn positive. This has happened many times in this 2012 trading year as early selling has yielded to massive buy programs, triggered by powers most have no idea exist. The vertical nature of the move pushed the markets back to 13,000 on the Dow Jones Industrial Average. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $137.07, +0.14 (+0.10%). The big question for the day is whether or not the markets can close above the key 13,000 level on the Dow.
The below chart shows the key supports and resistance levels on the SPY. These levels are great for day trading.