Monday, January 24, 2011

Trader Update -data point 24 January 2011-

...the market remains under duress with institutions keeping the selling trend up just enough as not to offset the positive accumulating effect created by the ongoing inflow of liquidity into the market by the general public

...the SPX 500 again edged higher in todays session, featuring unimpressive up-tick power and remains stalled below the January 18 High *1296. Below *1296, chances are building for a re-test of the January 11 Low *1270

…a successful defense of the January 11 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 *1332 in the 3-month daily trading set-up

...on the flipside, 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

No comments:

Post a Comment