S&P 500 - STRATEGY AND KEY LEVEL FOR 15TH SEP 2009

S&P500 forming a potential double top @ 1048 level

Support levels for today will be 1044, 1041, 1040 ......break of 1040 and we will see a big sell off to 1035- 1025.

Resistance levels on upside will be pivot R1 and R2 and 1057

The US session will be dictated by economic news events, particular attention needs to be paid to PPI , Retails Sales and business inventories data.

Empire State Manufacturing Survey - Aug. 14 12.08

Producer Price Index (YoY) - Aug. -5.40% -6.80%

Advance Retail Sales - Aug. 1.60% -0.10%

Producer Price Index (MoM) - Aug. 0.80% -0.90%

Producer Price Index Ex Food & Energy (MoM) - Aug. 0.10% -0.10%

Producer Price Index Ex Food & Energy (YoY) - Aug. 2.20% 2.60%

Retail Sales Less Autos - Aug. 0.50% -0.60%

Business Inventories - Jul. -0.80% -1.10%

IBD/TIPP Economic Optimism - Aug. 50.3

ABC/Washington Post Consumer Confidence - Sep 6.