SPY the S&P500 SPDR has been a BUY since mid July 2009. Reecent High was $112.38 on Friday 4th December. The 10ema ($110.91) has only been below the 20ema ($110.38) for 6 days in the last 115 trading days. However, momentum is weakening and an exhaustive High is expected in Jan 2010. Strong resistance in the $120-$125 should limit any upside to 10% in 2010, implying an S&P500 level of 1240.
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