February 29, 2012
Both the S&P 500 Index (SPX) and its tracking ETF the S&P Deposit Receipts (NYSE: SPY) are at levels not seen since May 2008.
How much higher can the S&P SPDRS still rise?
When new highs are reached, one way to set a target for the advance is using Fibonacci support and resistance levels. In this case, using the lows reached in the 2011 correction, the 127.2% retracement is at $145.27.
This is the first potential target for SPY and it is 5.8% higher than Tuesday's close at $137.56.
If this target is decisively surpassed, we will be looking for $155.56, the 161.8% retracement level.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy has a position in the S&P 500 SPDRs.
Disclosure: I am long SPY.