Lots of Red

02/02/2009 9:41 am EST


Thomas Aspray

, Professional Trader & Analyst


After what was another rough week for stocks, the monthly chart of the S&P shows the many lower monthly closes (red bars) since the October 2007 highs. There is a band of support at 680-720. The lower weekly close, as noted last week, confirms that momentum is declining, and it would require a few higher weekly closes to turn the tides.

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