In December, I put out a year-end target of 1610 for the S&P 500 based on the monthly chart. Now I look at the daily chart and see this rounding pattern only to realize the target on this is $160 if the SPDR S&P 500 (SPY) closes at new highs today. Still, we find bearish divergences in the momentum indicators and still the bulls don't care. Buy. Buy. Buy. It is possible we have a short-term double top here, so I am long a small amount of SPY April 12 $157.50 puts, but I won't give them much room. If it closes at new highs and doesn't push lower in the morning or fade a gap quickly, then I'll cut this trade loose for a loss quickly.

SPDR S&P 500 (SPY) -- Daily Source: StockCharts.com View Chart » View in New Window » SPDR S&P 500 (SPY) -- Monthly Source: StockCharts.com View Chart » View in New Window »

The monthly chart for the SPY has been strong. There is a very large rising wedge pattern, which can often be bearish; however, there has been no price trigger yet. Furthermore, the Relative Strength Index has move well with price and stochastics well into overbought territory, but it has demonstrated it can get there and stay there for some period without a drag on price....184 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

Read the full story and get access to the Real Money Pro trading floor.

There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.

Already a Subscriber? Please login.

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.