S&P 500 Morning Analysis 11/16/09

This moring, the SPY has traded above the high of 110.57 it made Thursday morning and while those initial gains are slipping somewhat, we will look for Friday’s high near 110.00 to be short term support. Trading up through the high from Wednesday would place the market back at highs for the move and that puts the downtrend line from the weekly timeframe (also approx 50% retracement from 07 high to 09 low) into possibility this week. The market continues to show strength above the advancing 5 DMA.