S&P 500 Morning Analysis 11/23/09
The SPY is currently trading at the prior support level of 110.50, this area is also the location of the 5 DMA which adds significance to the level. If the market can hold above 110.50 it could be a tough few days for the shorts this holiday shortened week as bulls could power the market to new highs. This morning will be an important battle at then 110.50 area. The majority of gaps higher over the last several months has seen the market add to the initial gains after the first 30 minutes of trading.