Let's examine the weekly chart of the SPY ETF that tracks the S&P500 index:1) the next main resistance level is around 1100-1120 : that corresponds to the 50% fibonacci ratio and also to the crossing of the main downtrend (orange line on the chart)
2) a close above that resistance level would be very bullish for the stock markets and start a new upleg
3) the Q3-2009 company results that will be announced in the next few weeks will probably give us a clue as to the next direction of the markets
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