Weekly Analysis Points Higher
06/21/2010 9:51 am EST
The Dow Transports were strong last week, and as we noted here in early June, this market-leading sector suggested that the intermediate trend was still positive. The weekly OBV has broken out and continues to act strong, with Fib targets at 5100. S&P weekly momentum has turned back up as it closed above the 40-week MA. Once above resistance at 1125-1130, the next key resistance is the former uptrend in the 1150 area.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.