S&P 500 Morning Analysis 8/25/09

The SPY has been as high as 103.59 and is currently trading at 103.45.  The most important short term level of support shoud be found at 102.50, if that level is breached then the gap from Friday could get closed which would bring the market close to 101.  Right now the buyers remain firmly in control and the October 15 high of 105.53 is still the next larger upside target.