S&P 500 Morning Analysis

The market continues to digest the recent rally through time rather than price as the range tightens.

ALPHatrends082709

S&P 500

The support at 102.50 held again yesterday, a break below that level and failure to climb back above it after 30 minutes or so will likely lead to further pressure down towards 102 and then 101 (which fills the gap and brings the market to the trendline drawn above).  As long as the market can remain above support, the benefit of the doubt continues to go to the bulls.

This article was originally posted by Brian Shannon at AlphaTrends onAugust 27, 2009.

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