S&P 500 Morning Analysis 8/21/09

From failed moves, come fast moves and the failure of the market to break support at 98.30 has led to the latest round of short covering/performance chasing.  The SPY is up to 100.55 right now which puts it above the recent downtrend line and with in reach of the year high of 102.03, it is interesting that today’s R2 is found at 102.04.  Above that high is the October 14 high of 105.53 is the next level of technical interest although it doesn’t seem likely today.  I will be on www.stoctwits.tv at 3:30 PM Eastern today.