S&P 500 Levels and Analysis 4/27/10

The SPY experienced some late day weakness Monday afternoon which brought the market down through the 121.50 level and now the market is back into the choppy  range of the last 2 weeks.  Although the range has been choppy, it has been constructive and the action of  individual stocks has been easier to trade than the SPY.  We will look for hte market to find support near the rising 5 day MA and if that level should fail to hold, the 120 level will be the level to focus on over the next couple of days.

The moving averages on the chart are the 5 DAY, 10 DAY and 20 DAY