SPY Ready to Correct?

07/28/2009 1:12 pm EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

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Stocks are under pressure today and a lower close should signal a deeper correction over the next few days. The A/D numbers near mid-day are 2-1 negative, which may turn the short-term A/D indicators lower. The SPY's hourly chart shows first retracement support just above 94 with more important support in the 92.70-93.30 area.

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