Trader Update - data point 15 February 2011 -

...the SPX 500 reversed lower in today's session for a test of  *1325 short term trend line support and appears to switch into consolidation mode, with trading likely limited to range between:

February 14 High *1332_February 10 Low *1311

...above the February 10 Low *1311, the bullish bias remains intact  to head higher towards the 75% retrace of the 2007-2009 Break *1348_current *1354 upper channel resistance  on the 1-yr weekly trading set-up within the next couple of weeks
...a violation of the February 10 Low *1311 would signal weakness with view for a test of the *1303/*1294 key support range

Kind Regards