S&P 500 Levels and Analysis 6/4/10

Gap up, gap down, gap DOWN.  The market is responding negatively to jobs numbers this morning and the SPY is now trading down near daily S2 and the location of the midday low from Wednesday ~108.55.  Overall market  volume has decreased in each of the last six sessions as the market has attempted to recapture the 200 day moving average (110.83) We remain in a thin, choppy environment which is best suited to only the most aggressive traders.  The low of the week is 107.37 which still seem quit a bit a way from where we are, but is  a level that will be worth noting today.