S&P 500 Oversold

07/31/2008 12:00 am EST


Thomas Aspray

, Professional Trader & Analyst

The S&P 500 is back to weekly oversold levels last seen in January and the momentum is trying to turn up. The support from June 2006 was violated two weeks ago as the S&P reached 1201. No signs yet of an intermediate low but good internal action does allow for further gains. Resistance at 1300-1320.