Will See See A Last Hour Selloff? (DIA, SPY, QQQQ)
We've had some pretty solid gains today, with the Dow up around 170 points, the Nasdaq is up 46 points and the S&P is up 18 points.
We have most likely seen the highs of the day, as the S&P has been unable to break above 1,300. 1,303 is the next level of resistance for the S&P, and if it can't breach this support, we could head back to 1,280, perhaps 1,275 before bouncing off that level to try to break through 1,303.
With weakening volume, we could have one major piece of negative news from Japan or Libya, which would send the markets into a jitter again, and wipe out today's gains in a heartbeat.
Traders should be aware of this, and protect themselves accordingly.
The ETFs which track all three indexes, the Diamonds ETF (NYSE: DIA), SPDR S&P 500 ETF (NYSE: SPY) and Nasdaq-100 (NASDAQ: QQQQ) are all solidly higher today, gaining 1% or more.
