Way of the SPX - 08092009

Since the "spinning top morning star" the Index has now regained 33.42 points closing today at 1025.39 with a slight increase in volume. Prior to the holiday there had been decreasing volumes . In the next session, if there is upside the levels of resistance will be 1026 - 1034 and 1039. . My only concern is that rise today was stopped just short of 1026.1 which, by my numbers, was a level that had to be exceeded if the upward movement was to continue.

So for next session, a reversal will probably be the order of the day. The first level of support will be at 1000.5 . If there is a significant correction then 995 and 982 will eventually be tested.