Trader Update -10 March 2011 -

 

Trading Environment:

Note: potential start for down trend on Institutional selling today_ reduce downside market pressure

-SPX 500 range bound_the March 2 Low *1303/the Mar 3 Peak *1332

-SPX 500 in Up-condition_ C-RSI 30 +7.30 strength

-New Lows: 8 - below danger 26-zone - below panic zone 50 (+)

-Long Term Trending Fed- and Foreign net-Liquidity Inflows 'downtick' in high expansion territory

-Leadership stock ratio: +0.64 bullish advantage  

-VIX 20.22 (current market stress level: 20) _ D/Vol sideways _ New Lows

Confirming weakness:

-C-RSI 9 below C-RSI 30 

-institutions undecided in/out of accumulation/distribution

-U.S. Dollar holding major support

-the Saudi 'Day of Rage' proposed at March 11 -a potential negative spike event ahead-

USD -test _ March 11 Saudi 'Day of Rage' to be resolved this week

Today's Session:

...the SPX 500 broke below the March 2 Low *1303 to intraday Low *1295 with an early bounce off support underway at present.

....uptick power so far has been unimpressive and further downside appears likely with the January 31 High *1287 the next target nearby_potential to extend losses to the January 31 Low *1277 before blopping out

...a successful defense of  *1277/*1287 support will provide the foundation for another rally that targets upper channel resistance current *1385 in the dly. 6-mth. trading setup; potential to reach out to hit a *1420 measured objective

Kind Regards