SPY - Weekly Outlook Mar 04 - 08

The resistance zone identified with red is a stubborn area. SPY will have to push hard to get through it. If it falls, it will likely catch support at the daily support line of 277.45 and it almost lines up with the bottom trend line of the channel as well further strengthening the support. If it breaks the channel, it will likely catch support in the support zone identified. If it pushes up, profit targets are 282.66 and 284.38. Any good/bad news is going to make it move fast in either direction.