S&P 500 Morning Analysis 9/4/09

Pre- holiday trading is typically bullish and as long as 99.50 holds, any downside will be contained. The market made it up past the first level of resistance at 100.50 and the next area of supply is likely to be found just above 101 where the 5 and 20 day averages are found. The larger level of resistance should be near 102 and we have to consider the possibility of a head and shoulders pattern forming. Trading should slow dramatically ahead of the 3 day weekend.