Correction, Not a Top

11/02/2009 10:24 am EST


Thomas Aspray

, Professional Trader & Analyst

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As we noted a week ago, the late-day reversals were a negative sign and Friday's drop was also a concern. The weekly RSI formed a slight divergence at the recent highs. This allows for two to three weeks more on the downside, but is not consistent with an intermediate top. Next support at 1000-1020 with the 38% level at 935.

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