SPY weekly chart of Nov 20, 2009

The S&P 500 ETF SPY weekly closing price continues to hover above the MA-18 and well above the MA-39 line. As the "V" shape is formed starting from near the end of 2007 to bottoming in mid March of 2008 and now steadily coming back to the current level. For trend following using the indicator, the general market seems to have momentum to move up to around $120 in about a month or two from Friday close of $109.43.