Trader Update -data point 26 January 2011
...the SPX 500 marginally penetrated the January 18 High *1296 and holding, ahead of the FOMC meeting result. Bulls keep pressing their advantage while institutions continue to sell quietly into strength, allowing small investors to continue to push the index up
...further gains are possible above the *1300 Psych barrier to test the August 2008 High *1313 -with potential follow through to upper channel resistance current *1325 in the 6-month weekly trading set-up, but risks exist for a 'sell the fact' sell-off after today's result to re-test the January 11 Low *1270 level
... 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 trend line support current *1214 on the 6-month weekly trading set-up
Kind Regards
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