S&P 500 Levels 7/16/10

The SPY has stalled out at the declining 50 DMA, but it is impressively holding above the rising 5 day moving average. Recent action has exemplified why “short opportunities should be kept to daytrade positions while the market is above a rising 5DMA”. The best near term support is found near 108 and as long as the market holds above that level the near term benefit of doubt should go to the buyers.