S&P 500 Target at 820?

07/06/2009 1:00 pm EST


Thomas Aspray

, Professional Trader & Analyst

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The daily chart and momentum picture for the S&P 500 are negative after last week’s rally failure. This suggests that the widely watched support in the 893 area will be broken. Further support at 850-860 but the major 50% Fibonacci retracement support and the projection targets converge nicely in the 810-820 area.

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