Weekly Analysis Still Negative

08/25/2008 12:00 am EST


Thomas Aspray

, Professional Trader & Analyst

The Dow closed just a bit lower last week but the downward trading channel is still intact. The negative divergence in the weekly RSI helped identify the Oct. 2007 top and the divergence is still intact. There is key weekly support at 11,200-290 with resistance at 11,850-12,000, then at 12,250.

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