S&P 500 Levels & Analysis for 3/16/10

The SPY broke short term support at 115.20 and dipped briefly below the widely watched 115-115.10 level but then staged a strong close to put the fear back into those who are brave (maybe dumb) enough to try to pick a top to this rally.  There is no doubt that the market has come a long way quickly, but the fact is buyers remain in control and short sales are for only the nimblest of traders.  Short term we will look for support to be found at 115.20 followed by 114.40 and 114.oo.