S&P 500 Levels and Analysis for 3/2/10

The SPY gapped up beyond short term resistance at 111.00 and then continued up beyond the bigger level of 111.30. The market is now back above the 50 DMA and the 61.8% retracement of the range for the year. We will now look for the 111.30 level to be support and if that level fails to hold 111.00 should be support. With the market above the rising 5 day moving average we will look for next levels of prior support to become potential resistance. Those levels are 112.30 and then 113.00