Market gaped up again and rallied to new highs at 845.00. During lunch time 12:30am-02:00pm price reversed to lower levels but always remaining well above 825.00. The move followed with a quick rally to try to test the HOD. This move failed short of the target prompting in the last hour of trading a profit taking sell off on some volume. Price closed above the key support level at 825.00.Volume was high.

News on relaxation of accounting rules and the G20 meeting reaching various agreements on how to tackle the financial crisis and pledging a trillion dollars to the International Monetary Fund (IMF) helped to fuel the broad based rally.
Today a new short-term high was reached but price pulled back below the November high downtrend line before the close. SPY printed a Doji.

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