Monday, January 31, 2011

Trader Update -data point 31 January 2011-

Trader Update -data point 31 January 2011

...Fidays fall to intraday Low *1266 left a heavily overbought market short term followed by an attempt of consolidating some of last weeks losses in todays session

 However, with institutions in distribution, todays bounce is likely to be limited to the *1291/*1295 resistance level with increasing corrective downside potential if failing below resistance
Note: liquidity inflows remain in high expansion territory with a noticeable down tick, but the market is unlikely to go into panic mode under this condition. The leadership stock ratio +0.02 reads a bull_bear draw
...a closing violation of the January 11 Low *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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