Weekly Mo Turns Lower

06/22/2009 9:40 am EST


Thomas Aspray

, Professional Trader & Analyst

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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.

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