Thursday, February 24, 2011

Trader Update - data point 24 February 2011 -

Trading Environment:

 -SPX 500 remains in Up-condition with positive strength
-institutions essentially neutral
-Long Term Trending Fed- and Foreign net-Liquidity Inflows in high expansion territory 'weakening'
-New Lows: 24 remain below danger 26-zone
-Index futures bounced off the *1294/*1286/*1283 support range
-Bias returns positive above *1320 Close 

Confirming short term weakness:

-C-RSI 9 below C-RSI 30 _ C-RSI 4 below C-RSI 9
-Leadership stock ratio reads +0.11 very low positive bullish advantage 

Today's Session:
...the SPX 500 within striking distance of the *1294/*1286/*1283 support range, currently holding the *1300 Psych barrier
...chances are, the index will follow script to go through a brief test in the support zone, before resuming its upward trajectory. However, the index needs to clear the February 23 High *1322 on a Close basis to reassure an irritated market
...on the flipside, a closing violation below lower channel support in the dly. 6-mth. trading set-up would signal a deeper correction is already underway targeting the current *1259 trend line support in the wkl. 1-yr. trading set-up

 Kind Regards


No comments:

Post a Comment