Nasdaq Momentum Also Declining

07/13/2009 9:27 am EST


Thomas Aspray

, Professional Trader & Analyst

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The Nasdaq tested the major 38% resistance level at 1880 before turning lower. The RSI3 momentum formed a positive divergence at the lows and has now turned down from overbought levels. There is first good support at 1700-1720, with stronger support in the 1650-70 area. A move back above 1800 would be positive.

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