Weekly Studies Still Strong

05/05/2009 9:19 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart

The multi-month positive divergence in the weekly RSI, last discussed on April 8th, was a positive indication for the S&P 500. The divergence was confirmed by the breaking of both downtrends with next key resistance for the S&P now in the 950 area. The 50% Fib fan line is now in the 1050 area with first good support at 850.

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