S&P 500 Morning Analysis 10/22/09

The intermediate term line in the sand remains at 108.00, a failure of that level would nullify the recent breakout past that level and that would likely bring about a deeper pullback (perhaps to the uptrend line shown or maybe to the location of the rising 50 DMA which is currently at ~104.50) over the next couple of weeks. Short term resistance is likely to be found near 108.70 and short term support near 107.50 and 106.75