S&P 500 Morning Analysis 9/10/09

The SPY made it up to the top of the range and made a new closing high but fell short of the intraday high of 104.38 made on 8/28. The midday pullback low of 103.18 marks a higher low and breaking it today would not likely be devestating because there are more levels which should offer support at 103.00, 102.50 and 102.00. A more likely scenario would be a time correction if the market does not push out to new highs. If new highs are attained the 105.58 level is the next level of upside focus.