Impressive Action

04/02/2009 2:01 pm EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

chart

The action today (Thursday) has been impressive as the SPY has gapped higher and is now testing its short-term downtrend and resistance in the 84-86 area. Additional resistance is at 95, with the major 38.2% retracement resistance and 200-day MA in the 100-102 area. The 50% retracement resistance is at 112.

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