Using the Daily chart you can see that the 281 level is key. It has tested this level several times before & was rejected. Each time it resulted in BIG drops of approx. 20pts, 20pts & 50pts. Another rejection could result in yet another BIG drop. However, if the momentum is able to carry through & hold the 281 level we could see a jump up into the 290's or even higher. Either way, there is a great opportunity to make BIG $$$ on SPY in the coming weeks. Stay alert!