Friday, January 21, 2011

Trader Update -data point 21 January 2011-

Trader Update -data point 21 January 2011

...the SPX 500 moved further away from the January 11 Support *1270 with an intraday High *1291 and currently trading above the January 6 Break level *1278

...the VIX briefly spiked above its resistance yesterday but moved back below by the end of trading, indicating uncertainty. As a result, caution is in order until the market reveals its future direction the short term, continuous trading above the January 6 High *1278 leaves 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 *1329 in the 3-month daily trading set-up-

...a violation of the January 11 Low *1270 signals continuous weakness and a Close below the January 10 Low Key Support *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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