S&P 500 Analysis for 12/29/09

Only a fool argues with price.  The path of least resistance remains higher and the  intraday weakness of the SPY on Monday was met with buyers near the 112.30 level, which should now be our first level of short term support on any pullbacks.  If 112.30 fails to hold as support there should not be bigger concern unless the more important 111.80-112.00 level fails (which seems unlikely).