S&P 500 Levels & Analysis 7/14/10

On Tuesday the SPY made it up to the location of the declining trendline and the declining 50 DMA (not shown) and then after hours INTC inspired a strong rally in the futures.  The overnight high in the futures was made quickly at 1099 and now they are trading at 1091.50 +1.75 After a six day rally there is the possibility of a “sell the news”, but with the market still above the rising 5 DMA (red) any short sales that set up should be kept to daytrades only.  The yellow line on the chart shows the VWAP from the April high through yesterdays close it is at ~110.82

I will talk about the market live and  in depth right at the close today on http://stocktwits.tv