$SPY Near Term Uptrend Channel and Long Term Downtrend (Charts, 2/2/2010)

SPY is riding the uptrend channel again.  It is above the 100 day moving average and testing October ceiling resistance.  The 50dma is not that far away either.  Waiting for decisiveness... Keep an eye on the long term 3 year downtrend as well (2nd chart).

SPY (SPDRs S&P 500) Courtesy of FreeStockCharts.com