Tuesday, February 22, 2011

Trader Update - data point 22 February 2011 -

Trading Environment:

-above the February 10 Low *1311, the bullish bias remains intact
-a Close below *1311 signals potential weakness ahead  
-futures signal support at February 7 High *1322

Today 's Session: 

...the SPX 500 slowly burning down to the February 10 *1311_August 2008 Peak *1313 firebreak. A successful test would keep bullish sentiment burning and confirm, the long weekend bear strike contained with a bullish first dip buying splash

...past the firebreak, risks for further downside are substantial featuring the January 28 High *1303 as the next target initially

Kind  Regards

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