By Gareth Soloway on April 16th, 2010 12:46pm Eastern Time
The SPDR S&P 500 ETF (NYSE:SPY) has slammed into a major support level at $118.75. Note the chart below. If this breaks, the SPY will collapse to the daily 20 moving average at $118.25. The market is dropping sharply today on the news that Goldman Sachs Group was charged with civil fraud. This support level on the SPY translates to the PowerShares QQQ Trust, Series 1 (NASDAQ:QQQQ) and the SPDR Dow Jones Industrial Average (NYSE:DIA). Watch this closely.
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