S&P 500 Weekly Mo Declining

09/28/2009 9:15 am EST

Focus: STOCKS

Thomas Aspray

, Professional Trader & Analyst

chart
Click to Enlarge

The weekly chart of the S&P 500 shows that the RSI3 is declining slightly from moderately overbought levels. A lower close this week would suggest another one to two weeks on the downside. Intermediate trend is still positive. There is strong Fibonacci resistance at 1100-1120, with weekly support in the 1000-1020 area.

Related Articles on STOCKS

Keyword Image
Conoco: A Breakout in Energy
09/21/2018 5:00 am EST

Our daily breakout stock ideas are most suitable for aggressive investors seeking ideal entry points...