S&P 500 Analysis 12/21/09

The SPY came close to the bottom of the range near 109.00 and bounced to just under the mid level we have been observing in the 110.30-110.50 area. So we remain stuck in a range… The pattern over the last two weeks has been higher lows, so with a primary uptrend still intact and a seasonally bullish time of year we should still give the benefit of doubt to buyers as long as we remain above 109.