Trader Update -data point 20 January 2011
...the SPX 500 build on yesterdays retreat with an intraday Low *1272 just above the January 11 *1270 support. So far, the index bounced off support, but a Close below *1270 would signal further weakening with the January 10 Low *1261 key support as the next logical down target
...a successful defense of todays Low *1270 would leave the index on track to take out the *1300 Psych barrier to test the August 2008 High *1313 -with potential follow through to upper channel resistance current *1327 in the 3-month daily trading set-up-
...on the flipside, a violation of *1261 indicates a deeper sell-off is already underway with the December 27 Low *1250 a minimum target; potential to trade lower to reach trendline support current *1214 on the 6-month weekly trading set-up
Kind Regards
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