Note: caution condition remains in the the market until institutional selling changes to downtrend
...the SPX 500 trades modestly lower with no technical damage so far. Above daily trend line support *1292 and short term momentum support *1298, the market remains poised to head higher for a challenge of the August 2008 High *1313 and upper channel resistance current *1335 on the 6-month weekly trading set-up
Note: todays uptick power clearly indicates selling into strength with overall daily market internals tilting to bearish. This is not a look for a splendid new advance, but rather the look of topping out soon
..looking further ahead, the index appears to be heading all the way towards the *1420 measured objective in the longer term.
However, the current *1335 level on the 6-month weekly trading set-up coincides with the 75% retracement of the 2007_2009 break and may turn out to be another potential turning point for a bearish reversal towards the end of February