Volume has been light on the strength of the last few days, but prices are in a short term uptrend. The SPY closed just above the declining 20 day moving average on Friday and right at the most relevant down trend line. If the market can maintain its upward momentum, the most likely level of next significant resistance should be found near the top of the range at 111.10. The significance of this potential resistance area is also strengthened as it is the Volume Weighted Average Price (VWAP) from the gap down through the 118.50 support level on May 4 through Friday’s close. The longer term trend remains lower which makes it difficult to trust strength. Short term support levels should be found ~108.50 followed by 107.70.