Friday, February 4, 2011

Trader Update -data point 04 February 2011

...institutional accumulation improved further but remains in a technical downtrend started December 2010
...VIX below 15.23 signals additional bullish upside potential

Note: Leadership ratio reading a low +1.72

...the SPX 500 continues flatlining and for the third straight day, daily maket internals display a bearish tilt.

..,however, closing above the Jan 28 Peak *1303 leaves the door for additional gains open for a challenge of the August 2008 High *1313 and upper channel resistance current *1344 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 in the longer term

...but the current *1344 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
Kind Regards

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