Trader Update - data point 16 February 2011 -

...the SPX 500 stong advance to a new 52-week High *1338 intraday got clobbered by geo-political  Israel_Iran concerns, but losses have been limited. The index currently holds at the February High *1333

...holding *1333, the market  will buid upside on strength  and remains on track 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

...however, chances are, the consolidating stance will continue into op-ex Friday.with trading likely limited to range between:

February 16 High *1338_February 10 Low *1311

 ...at present, a Close below *1311 appears unlikely

Kind Regards