S&P 500 Morning Analysis 11/24/09

The SPY dipped below the 110.50 level yesterday but quickly recovered after touching prior intraday resistance near 110.00 from last Thursday. The action of the last 2 weeks has been more neutral but with the primary trend higher it should be viewed as constructive. This morning the market is trading at 111.53 which is just below the intraday highs for the year of 111.74. The 61.8% retracement from the weekly chart at 112.31 is becoming a more reasonable upside target each day.