Wednesday, June 1, 2011

Trader Update -data point 01 June 2011-

Trading Environment:

                                                                                                                        
-SPX 500 'Buy' Alert 01 June 2011C-RSI 30 +5.0
-Long Term Trending Fed- /Foreign net- Liquidity Inflows_'uptick' in mid expansion territory 
-Institutional selling action_downtrend confirmation
-Short term liquidity trend: 'uptick' into positive territory_daily inflows 'uptick' in positive territory
-Leadership stock ratio: +0.74 bullish advantage 
-New Lows: 10 < 28 danger zone < panic zone 50
                                                                                                                         

Confirming weakness:

                                                                                                                         
-SPX 500 C-RSI 9 < C-RSI 30
-VIX 15.46 > 15.23 support < 20 stress level_long-term resistance 32.70_D/Vol 'sidewaystick'

-New Highs Trending Indicator: 152 < 180 minimum target
-NYSE_(= hft-zone)_C-RSI 30 +3.39_negative NYA-Momentum
                                                                                                                             

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Stocktiming.com recommend:

  •   positive intraday bias
  • Conservative: Conditional June 01 'Buy' Alert (Russell and Nasdaq still on 'Sell' Alert)
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Today's Session:

hedged *1378

...a Close above *1347 would invite a bullish attempt to go for the April uptrend High *1371


...the SPX 500 clobbered today and trades below the 50% mark of the May 25 Low *1312 - high risk for further weakness to re-test the Low *1312 - high risk for follow through lower to affirm the April 18 Low *1295 (possibly the March 21 Low *1282) before finding a stronger floor 


...a successful defense in the support would be the start of a consolidation period that would eventually lead the index higher into the *1400 (+) current upper resistance level
 
Kind Regards

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