Potential Support Area

• alphatrends
• April 12th, 2011

With markets still below declining 5 day moving average it is still too early to look for a purchase spot, but there is reason to look to current levels for potential support. The $SPY $IWM and $QQQ have all dropped to the VWAP from the March low to the recent high. These markets are also near their rising 20 day moving averages. There are also some fibonacci levels of interest in this area (see last nite video if interested) The main message is this; the intermediate term trend is lower but we are at levels where there is the potential to find support. For those who like to read into things, that does NOT mean it is time to buy, just start looking.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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