SPY: Watch the $88 Level

05/20/2009 9:40 am EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

chart

The weak close Tuesday in the SPY has created a potentially negative short-term momentum formation. A drop below the support at $88 should signal a decline to the 38% support at $83, if not the 50% support level at $80. The RSI3 has broken its uptrend and is now below its WMA, both of which are negative for the short term.

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