S&P 500 Weekly Mo Declining

09/28/2009 9:15 am EST

Focus: STOCKS

Thomas Aspray

, Professional Trader & Analyst

chart
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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.

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