Monthly Mo Turns Higher

05/01/2009 12:01 am EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

chart

Two higher monthly closes have turned the monthly momentum higher from extremely oversold levels. At the 2002-2003 lows, and after two higher monthly closes, there was a three-month decline to test the lows. The Mo was not nearly as oversold then, so a full retest is not required. Key resistance is at 950-1000.