Weekly Mo Still Rising

03/15/2010 9:42 am EST


Thomas Aspray

, Professional Trader & Analyst

Click to Enlarge

The weekly Mo (RSI3) has been rising for the past four weeks and is now approaching resistance after the Mo formed a negative divergence at the January highs. The weekly trend line resistance is now at 1189 and there is also a Fibonacci projection target at 1180 that could be tested this week. The weekly Mo may not confirm new rally highs. The NYSE A/D, which I find more reliable, continues to make new highs. There is initial support at 1135 with stronger support in the 1115-20 area.

Related Articles on STRATEGIES

Keyword Image
6 Best Stocks Yielding Over 5%
10/11/2018 5:00 am EST

Using our proprietary dividend screener, I found hat nearly 1,100 individual equities offer yields a...

Keyword Image
Crosscurrents and Caution
10/10/2018 5:00 am EST

History is a stern taskmaster and provides ample evidence that not only do corrections occur, bear m...