S&P 500 Morning Analysis 12/23/09

The SPY is back up at the high end of the range but refuses to breakout so far. There is a clear pattern of higher lows which is similar to how the QQQQ looked before making a clean break higher on Monday. With the broader market strength, it seems as thought the SPY should break past resistance, the question is whether it can do so prior to Christmas. Volume is slowing in the market, but that is normal for this time of year.