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Keys: Major Support Trying To Hold

 March 17, 2011 12:59 PM

The markets are again testing the double bottom from yesterdays low. This level on the SPDR S&P 500 ETF (NYSE:SPY) is $126.50. If this area breaks, the SPY will fall to $125.90. Earlier today, the $126.50 level was tested but the Federal Reserve stepped in and extended their open market operations to help save the market. The markets are continuing to spin and worry about inflation, housing problems and of course Japan, the Middle East and Europe's debt problems. Watch this key $126.50 level. If it holds, we could rally back up into the markets close, if it breaks, $125.90 is next.

International Business Machines Corp. (NYSE:IBM) is getting smacked today. Just a few days ago this was the strongest stock in the Dow Jones Industrial Average. Now it is dragging the index down sharply. IBM is trading at $152.81, -6.21 (-3.91%). If it continues to fall today, major support will pop up at $150.00.

MasterCard Incorporated (NYSE:MA) and Visa Inc. (NYSE:V) are two of the only large caps to be higher today. Both are trading up slightly on the day. Silver and gold have moved towards the negative side showing continued weakness. If you are following the iShares Silver Trust (ETF) (NYSE:SLV), the key is to see a close below $33.40. If that happens, it is likely a sell could occur that takes it all the way down to $31.15.

Gareth Soloway

iOnTheMarket Premium


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