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9/22/2009 1:46:00 PM
Financials Show No Signs of a Top

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The strength of the financial sector has surprised most of us, but the weekly chart continues to look positive. The sector has not even reached the 38.2% resistance level, while the major averages look ready to test their 61.8% resistance. The weekly RSI formed positive divergences at the lows and is confirming the price action..
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Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com Video Network. He was originally trained as a biochemist but began using his computer expertise to analyze the financial markets in the early 1980s. Mr. Aspray has written widely on technical analysis and has given over 60 presentations around the world. Many of the technical indicators that Mr. Aspray wrote about in the 1980s, such as the MACD, have since gained worldwide acceptance.

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