Trader Update -data point 01 February 2011
...the SPX 500 surged past the *1291/*1295 resistance level, currently trading comfortably above the *1300 Psych barrier
...the next target above *1300 features the August 2008 High *1313 and upper channel resistance current *1335 on the 6-month weekly trading set-up
..looking further ahead, the index appears to be heading all the way towards the *1420 measured objective. However, the current *1335 level on the 6-month weekly trading set-up coincides with the 75% retrace of the 2007_2009 break *1347 and may turn out to be another potential turning point for a bearish reversal
Kind Regards
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