Correction Over or Not?

08/20/2009 9:35 am EST


Thomas Aspray

, Professional Trader & Analyst

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The short-term market outlook is muddy at best and it could go either way over the next few days. Monday's lows are a key level to watch, because if they are broken, a deeper correction is likely. XLB still looks positive, with the OBV confirming the price action. Key support is at $27.75-$28.50 and resistance stands at $30.68.

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