S&P 500 Morning Analysis 11/18/09

The SPY held up better than I thought it would yesterday as the intraday high from last Thursday morning was tested and held as support. The short term first level of support we will look to hold is at 110.50 and breaking that level could lead to a drop down towards 110. The resilience of the market remains impressive as it continues to rally up towards the location of the 50% retracement and the downtrend line on the weekly timeframe.