More Upside for Materials?

05/06/2009 9:59 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart

The S&P 500 Materials Sector tested long-term support in March and has rallied sharply over the past two months, gaining over 50% from the lows. The major 38% retracement level is at 177, with the 50% resistance level just below 200. The RS line moved above its rising WMA in late March and still looks strong.

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