Monthly Mo Still Rising

11/27/2009 12:01 am EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

chart
Click to Enlarge

The RSI3 on the SPY turned up at the end of March and has continued to rise steadily for the past eight months. In April 2003, the momentum turned higher and rose for 11 months before correcting. No signs yet of a top, as that would take one or two months of flat to lower monthly closes. There is long- term resistance at 113.