S&P 500 Levels & Analysis for 2/23/10

The SPY traded in a fairly narrow range on Monday as it digests the gains from last week.  The near term indecisiveness of trade is heightened by three technical areas of interest in the approximate same area: the 50 day MA (~111.02) the 61.8% retracement (111.10) of the 2010 range from high to low and the December 31 low (111.39).  Short term the best support should be found close to the late January- early February resistance at 110.40 and with the market above the rising 5 day MA.