Can This Rally Hold?

I am looking at the short term chart for the S&P 500, and it looks as if this rally may fizzle out soon. If I had to predict a short-term price target for the S&P it looks like we could hit a top at around 810. However if we can rally through that point there is not resistance until around 830. It would be key to rally through the 810 point. If we rally through the 810 we could see a quick move up to 825-830 area on the S&P 500. The options traded for the SPY today have already exploded for the APRIL 81, 82, 83, and 84 call contracts. The SPY tracks the S&P at roughly 10% of the index average, the April 84 SPY Call contract has traded over 4,000 contracts already at (10:55 AM), and is up 83.33% (14¢) today. It would certainly be bullish for the markets if we could rally through these short-term resistance levels, however if we can't break above and hold at the 810 level, we could see the S&P back to 750 relatively easy. As of now we are up about 30 on the S&P (11:00 AM).



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