Weekly and Daily S&P Outlook

03/30/2009 9:59 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart

The weekly momentum (Mo) of the S&P suggests that an intermediate-term low has been formed as the bullish divergence was confirmed. Stocks were expected to open lower Monday and the daily chart is overbought with momentum negative in the short term. Support levels are at 800 and 781 (the 20-day EMA), with more important support at 766.

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