Weekly Mo Still Rising

03/15/2010 9:42 am EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

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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.

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