S&P 500 Morning Analysis 10/16/09

Now that the gap from October 08 has officially been closed, the next technical levels of interest on the upside are the 50% retracement from the 07 high to the 09 low at 112.31 and then the downtrend line which connects the 07 and 08 highs. The market is trading lower pre-market and is holding just above yesterday’s low near 108.70, a failure of that level hold could bring about a test of the more important level of 108.00

below are the correct pivot levels for today