Continuation Pattern?

01/23/2009 9:33 am EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

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The SPY rally appears to have failed in the 95 area, and the inability to overcome the resistance at 100 suggests that the rally from the November lows may be just a continuation pattern. The uptrend in the demand index has been broken, which is negative. A break below 75 would give first targets in the 68-70 area.