Join        Login             Stock Quote

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


Comments Closed

rss feed

Latest Stories

article imageMr. Market's Wary Outlook: Less Severe But Still Worrisome

Mr. Market’s cautious outlook of late is less acute at the moment relative to recent history, but it’s not read on...

article imageThere's One Problem With This Market Rally...

All major U.S. indices closed higher last week, logging the second week of strength following choppy read on...

article imageWill Last Week’s Relief Rally In Emerging Markets Last?

Stocks in emerging markets posted their best weekly gain in nearly four years last week. Analysts are read on...

article imageHow Much Longer Can Our Unaffordable Housing Prices Last?

Markets discover price via supply and demand: Big demand + limited supply = rising prices. Abundant supply read on...

Popular Articles

Daily Sector Scan
Partner Center

Related Articles:

Bulls Rally, but Bears Lurk
More Articles on: Market Update

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.