S&P 500 Levels and Analysis 5/20/10

The market is going to open down hard today, the pre-market low for the SPY has been 109.42 which is a penny above the intraday low from Friday May 7.  Just under 110 is the 61.8% retracement we have been watching all week and now that level has been obtained.  If the market takes out the pre market low, keep an eye on S2 today, it will be found at 109.22.   I woldn’t be in a hurry to do much today, let the market settle in and keep a close eye on where it is trading relative to the daily VWAP.