Friday, January 28, 2011

Trader Udate -data point 28 January 2011

..positive intraday trading condition :

-.inflowing liquidity levels remain in high expansion territory
-increasing short-term institutional accumulation
-leadership stock ratio increasing to +1.65

- risk from Institutional selling higher, moving continuously closer to distribution since December 2010

...the market lost its grip on the SPX 500 *1300 psych barrier, likely been spooked by continued unrest in the Middle East, but could just as easily be the beginning of a correction brewing in the pipeline for some time.

...the obvious immediate target below first line support *1292 sits at the January 11 Low *1270. A violation of  *1270 will signal further weakness ahead with the January 10 key support *1260 a 'Must Hold' to avoid a deeper sell-off with current *1224 trend line support in the 6-month weekly trading set-up as a minimum target

Kind Regards

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