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11/2/2009 10:24:00 AM
Correction, Not a Top

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As we noted a week ago, the late-day reversals were a negative sign and Friday's drop was also a concern. The weekly RSI formed a slight divergence at the recent highs. This allows for two to three weeks more on the downside, but is not consistent with an intermediate top. Next support at 1000-1020 with the 38% level at 935.
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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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