Monday, March 14, 2011

Trader Update - data point 14 March 2011 -

Trading Environment:

-Institutional selling action sideways trading range with a down tick_inflection point
-SPX 500 in Up-condition_ C-RSI 30 +13.37 strength
-New Lows: 18 - danger 26-zone - below panic zone 50 (+)
-Long Term Trending Fed- and Foreign net-Liquidity Inflows 'up tick' in mid expansion territory
-Leadership stock ratio: +0.082 bullish advantage  
-VIX 20.08 (current market stress level: 20) _ D/Vol sideways _ 18 New Lows

Confirming weakness:

-C-RSI 9 below C-RSI 30 _C-RSI 4 below C-RSI9
-institutions in low level distribution 

extreme caution - index close to 'sell' condition

Today's Session: anticipated, the March 2 Low *1303 resistance_lMarch 10 congestion *1305 capped Friday's bounce. Today's violation of  January 31 High *1287  intraday leaves the door open for a test of  the January 31 Low *1277 before  blobbing-out

...a successful defense of  *1277/*1287 support will provide the foundation for another rally that targets upper channel resistance current *1384 in the dly. 6-mth. trading setup_ potential to reach out to hit a *1420 measured objective

Kind Regards

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