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S&P 500 Hits Double Top From September



October 12, 2011 – Comments (0) | RELATED TICKERS: SPY , DIA , QQQ

The SPDR S&P 500 ETF (NYSE:SPY) is hitting a double top from September 20th, 2011. This high was $121.90 and has now been officially tagged. This hit is coming after close to a 13% bounce in the market from just one week ago. It is also pushing up on anticipation of the Federal Reserve minutes being released at 2pm ET. There is significant hope that there will be talk of QE3 and other measures to ensure new growth in the U.S. This double top should be resistance and the markets may pull back off this level.

Gareth Soloway

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