S&P 500 Morning Analysis 11/5/09

The low of the SPY yesterday was the closing price on Wednesday which is what makes 104.65 a short term level of importance. The market gave back the majority of the early gains yesterday, but did close above the 5DMA for the first time in the last 2 weeks which is a positive. Today the 2 day VWAP will likely be an important level as it shows us who has control since “the event” when the Fed announcement came. Yesterday’s VWAP closed at 105.66 and that level will obviously change with new data.