S&P 500 Morning Analysis 9/14/09

The SPY is currently trading at ~103.90 which puts it it below the prior resistance(that held as support Friday) near 104.40. With the lower high from Friday, today’s action will add a short term lower low which is a good reason to be defensive. Notice how the Fibonacci levels from the 9/2 low to the 9/11 high line up with prior supprt levels, this should make those levels more important.