S&P 500 Morning Analysis 10/9/09

After gapping up yesterday, the SPY briefly ran through 107 before encountering some profit taking. The futures have been slowly weakening this morning, but not enough to do any damage to the uptrend. Right now it is looking like today will see some consolidation of the gains of the last week and the first real support level should be found near 106.00 and then 105.40. If the market can push back up through 107 then little supply should be found until 108.