The SPY is long term .We closed this month(June '12)with an up green candle above 10 MA. Monthly target near 143
PLEASE READ LAST COMMENT, "Yeah, very clear up trend although too many fundamental things happening". If too much of your time was spent on fundamentals you most likely missed most of this up move. Don't get me wrong, there is nothing wrong with fundamental research along with technicals, but as far as I'm concerned the fundamentals are included in PRICE ACTION...... All indicators and candle stick pattern continue to be bullish, the Stochastic is embedded and DPO above mid-point. The 10MA is good average to use on monthly charts. Next move likely be to near or the top of channel.