Is the Correction Over?

02/17/2010 10:06 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart
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The NASDAQ short-term A/D analysis turned positive last Friday (click here for chart), and Tuesday’s gains confirmed this view. The NYSE A/D numbers have also now improved as the A/D line has moved above its previous peak. It is positive  that while the NYSE Composite tested it’s October lows, the A/D has been much stronger. The hourly 50% retracement level on the S&P 500 chart is just below Tuesday’s close with the 61.8% resistance at 1110. A move above 1127 (78.6%) would confirm that the uptrend has resumed.

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