Monthly Momentum Negative

09/02/2008 12:00 am EST


Thomas Aspray

, Professional Trader & Analyst

The S&P 500 closed higher for the month but the monthly RSI3 or momentum is still declining. This suggests that the major trend is still down. The next monthly support is in the 1200 area with further at 1170. There is still major monthly resistance in the 1400-1440 area.

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