Trader Update - data point 18 January 2011-

...despite a sluggish start to the week featuring daily market internals with a clear bearish tilt, the SPX 500 extended its January 6 High *1278 break-out the  to a new 52-week High *1294

...above *1278, nothing much will prevent the market from driving the index into overhead resistance, the *1300 Psych barrier_the August 2008 High *1313_looming upper channel resiatance current *1325

...as the index appears to follow a familiar topping pattern of managing continuous, marginal new Peaks, risk for an abrupt vertical decline are increasing in the *1300/*1325 range

...pull-back target: trendline support *1207 on the 6-month weekly trading set-up

Kind Regards