S&P 5oo Morning Analysis 11/24/09

The SPY gapped back up above the the 5 day MA and also made it past the prior support/resistance area at 110.50 yesterday. The resilience of the market is quite impressive and as long as 110.50 holds today there is a good chance that the market will continue on toward the 50% retracement of the 07 high to the 09 low at 112.31. A break back below 110.50 would likely lead to 109.90 and could signal a more neutral market environment.