S&P 500 Analysis for 6/9/10

The market has been finding buyers near 105 and for now that is the best level of support, but in a declining market, support levels usually give way.  Short term, the market seems like it wants to continue higher, but with  prior support levels now hovering as potential resistance to smack down the buyers, the long side is very difficult to trust for more than a daytrade.  It can be difficult to control the feelings of greed associated with the HOPE for a big snapback rally, but missed opportunity is always better than lost money.  The market remains guilt until proven innocent and risk management remains the number on priority in this volatile environment.