Next SPY Targets at 118.45

03/24/2010 8:42 am EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

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As stocks continue to rally, the disbelief or distrust of the rally only seems to grow. The SPY has reached 116.64, which is the equality target using the rally from the November lows to the January highs and measuring up from the February lows. The 127.2% extension target is at 118.40 with the converging trend line resistance at 119.60. The RSI has broken its short-term uptrend and has not yet confirmed the recent highs. This could set the stage for a short-term top this week.

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