SPY Ready to Correct?
07/28/2009 1:12 pm EST
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.