Weekly Mo Turns Lower

06/22/2009 9:40 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart
Click to Enlarge

The weekly momentum on the S&P 500 (RSI3) turned lower last week after forming a slight negative divergence. This coupled with the drop in the McClellan Summation index below its WMA increases the odds that a correction is underway. A lower close Monday in all the major averages would support this view.

Related Articles on STRATEGIES