11-7-2011 (Pivot Points can matter too)

Thought this might be of interest.  I would never buy or sell based on Pivot Points but it can make a signal much more powerful as an added tool.  Just as 1074 was near the 1080 and 1090 weekly Pivots (Standard and Fib), the chart below shows how right at the upward sloping neckline, the Standard and Fib Pivot Points, intersected making for a more powerful short signal when the market jumped on the Greek bailout news.  Just wanted to share some addition support and resistance levels that can at times make for a more robust signal and give an investor more confidence in building a strong position.

http://stockcharts.com/h-sc/ui?s=$INDU&p=W&yr=1&mn=0&dy=0&id=p03712478434&a=248234491&r=2354&cmd=print