More Upside for Materials?
05/06/2009 9:59 am EST
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.