The Volume Weighted Average Price (VWAP) is just an indicator, nothing more. It’s not a holy grail, it’s not a signal to buy/sell, it’s imply the average price over a given period of time. One could argue though that the VWAP is used quite regularly in some algos, just not so sure about larger time frames. I thought it would be interesting to see where the major indices are in regards to the March, 2009 lows to the April, 2010 highs.