S&P500 chart analysis (SPY ETF)

Let's look at the weekly chart of the SPDR S&P 500 Trust Series ETF, the ETF that tracks the price of the S&P 500 index:

1) Using the Fibonacci ratios, the next resistance appears to be around 112.5 (this corresponds to 1125 for the S&P500 index).
2) Support is around 98.0 (dotted line) as this is the zone where the price would cross the trendline to the downside.