logo
  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
InTheMoneyStocks.com

iOnTheMarket Premium
Advertisement

Advertisement


Comments Closed


rss feed

Latest Stories

article imageXerox Corp. (XRX): An Insider’s $500,000 Insider Buy

Last week was a healthy week of insider buying as 194 companies reported purchase records. The number read on...

article imageQihoo 360 Technology Co Ltd. (QIHU) Q2 Earnings Preview: A Green Monday

Qihoo 360 Technology Co Ltd. (NYSE:QIHU) will report its second quarter 2014 financial results on Monday, read on...

article imageSix Stocks that Could Outperform in the next 90 days

Earlier today, Goldman Sachs put out its list of the 50 stocks that Matter Most. It’s a list of the 50 read on...

article imageFoot Locker, Inc. (FL) Q2 Earnings Preview: Running Past the Street View

Foot Locker, Inc. (NYSE:FL) plans to report financial results for its second quarter ended August 2, 2014 read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



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.