Weekly Mo Turns Higher

03/23/2009 1:09 pm EST

Focus: STOCKS

Thomas Aspray

, Professional Trader & Analyst

chart

The weekly chart of the S&P 500 shows that the RSI3 (Mo) has risen further, and a break of its downtrend would be quite positive. The weekly downtrend is now in the 850-863 area, which is a likely target if 800 is overcome on a closing basis. The weekly divergence is consistent with a further rally.

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