S&P 500 Morning Analysis 9/9/09

Once again, we have morning strength and now the SPY is trading above yesterday’s high of 103.05.  The market is currently at 103.25 and the highs for the year just above 104 appear to be in striking distance today.  Volume has been trailing off the last four days which gives us reason to be concerned about the sustenance of the trend, but it is not a reason to sell short.  The first level of support should be found at 102.50 and then the more important number in the short term is 102