Trader Update -data point 27 January 2011
...the SPX 500 set another 52-week High *1301 intraday and continues consolidating just below the *1300 Psych barrier amidst mixed market internals today. Uptick power remains unimpressive.
...still, the bulls build on their advantage in the market yesterday with a positive +1.55 leadership stock ratio reading and institutions decreased their selling
...as a result, 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 *1334 in the 6-month weekly trading set-up before risk of a corrective shake-out
..a violation of the January 11 Low *1270 increases the potential for a Close below the January 10 Low *1261 key support that would indicate, a deeper sell-off underway with current *1224 trend line support in the 6-month weekly trading set-up as a minimum target