S&P 500 Morning Analysis 10/13/09

The market made it up to a new intraday annual high of 108.09 yesterday but backed off and found support at a prior level at 107.28. Short term resistance is now found at the late day breakdown level of 107.80, the market will have to clear that level before we can consider the possibilty of an upside breakout. Below yesterday’s intraday low, there should be support found near 107.00 and then 106.40