S&P 500 Morning Analysis 8/10/09

The pattern of higher highs and higher lows above the rising 5,10 & 20 day MAs remains uninterrupted as this rally has now lasted a full month since the failed head and shoulders pattern. At some point there should be a price correction but so far the market has been satisfited to digest gains through time. Above Friday’s high at 102 there isn’t much potential for resistance up til ~105. For the trend to remain intact the key support levels are found at 100.80. 99.40, 98.50 and 96.70