S&P 500 Levels & Analysis 3/19/10

Not much changed in Thursday’s trading , the SPY lost 6 pennies and broke the record with 14 consecutive days higher.  For the first down day in more 3 trading weeks, the 6 cent loss is very impressive because it shows that there isn’t a rush to the exits.  Instead, it is maybe some light profit taking and a lack of aggressive buyers.  Tomorrow is options expiration and that should keep the market in a narrow range, but as always, keep your guard up.  The path of least resistance remains higher and short term levels of support on pullbacks should be found at ~116.60, 116.20 and 115.50