Mid-day Chart Analysis 5/11/09

After a shaky start to trading, the markets have recovered most of their gains, but there are 2204 declining stocks versus 751 advancers which puts the recovery in jeopardy.  Markets appear to be correcting more through time than price until we see larger support levels breached.

The QQQQ appears to have made a lower high below the declining 5DMA (red) but it remains above the more important support level near 33.40. The more important support level for IWM remains near 4800.

The uptrend in the SPY remains intact and the near term most relevant level of potential support is found near 90.