S&P 500 Weekly

10/27/2008 11:58 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart

The chart of the S&P 500 going back to 1980 shows next support in the 800 area, just under 10% below current levels. This corresponds to the 2002 and April 1997 lows. The momentum (RSI3) is still declining but has only been more oversold once (2002) in the past 28 years (see arrows).

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