S&P 500 Morning Analysis 9/2/09

After an initial rally which failed at the declining 5 day MA, the market reversed course and sliced through the support at 102 and dropped down through the 61.8% (100.50)  fib retracement level from the 8/17 low to the 8/28 high.  Rally attempts should not be trusted below a 5 DMA and are likely to find resistance ~100.75 and then 102 will be the more formidable level.  Potential support levels are found ~99.50 and the bigger level is 98.00.