Summation Index Breaks EMA

06/18/2009 9:42 am EST


Thomas Aspray

, Professional Trader & Analyst

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The McClellan Summation Index dropped below its 34-day EMA on Wednesday. It has been above its EMA since March 20, which suggests that the rally has lost upside momentum. If the EMA turns lower, it would come as an even more negative sign for stocks.

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