S&P 500 Technical Analysis for 1/7/10

The SPY continues to grind higher as the expected support levels have kept the pattern of higher highs and higher lows uninterrupted.  On Wednesday we were looking for 113.50 to hold as support and the level was tested several times and held.  Thursday’s pivot is found at 113.43 and that will add significance to that area,  a break below that level would likely bring about a test of the larger area of prior resistance (which acted as support on Tuesday) at 113.00.

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