S&P 500 at Critical Level

02/22/2010 8:00 am EST

Focus: COMMODITIES

Thomas Aspray

, Professional Trader & Analyst

chart
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The S&P 500 closed just below the 61.8% retracement resistance last Friday as last week’s action caught many by surprise. The NYSE A/D line did make new highs on Friday and is leading prices higher. The McClellan Summation Index has also turned up, but is below its WMA and downtrend. Next resistance for the S&P is at 1115-25 with Fibonacci projection targets at 1170. The key support is at 1050.

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