S&P 500 Morning Analysis

The SPY made it up to 99.44 yesterday and backed away from that level twice late in the day.  This morning it has traded as low as 98.16 and is currently at 98.25 which carves out a lower low to go along wth the lower high.  The intermediate term trend remains lower and with a declining 5 & 10 DMA we still have to remain suspicious of any rally attempts.  The market may attempt to stabilize near the 98.30 low from earlier in the week , but it looks more likely that the market will continue lower down to the next level of technical significance near 96.70 which is prior support and the aproximate location of the VWAP (gold moving avg) from the 7/8 to 8/7 rally.