Trader Update -data point 5 July 2011-

Confirming Strength:

-SPX 500 1st. July_BUY - Condition

_markets overbought

-SPX 500_C-RSI 30 +5.53

-Long Term Trending Fed- /Foreign net- Liquidity Inflows_'huge uptick' into mid-expansion

-Institutional selling action_down trend

 

-Short term liquidity trend: 'uptick' in positive_daily inflows 'uptick' in positive

-New Lows: 3 < 28 danger zone < panic zone 50

-NYSE_(= hft-zone)_C-RSI 30 +4.87_positive NYA-Momentum

-Leadership stock/Broad market stock ratio: +2.51 bullish

Confirming Weakness:

-VIX 15.87 > 15.23 support < 20 stress level_long-term resistance 24.65_D/Vol 'downtick'
-New Highs Trending Indicator: 162 < 180 minimum target

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Stocktiming.com recommend:

Traders: positive intraday bias_overbought markets

Conservative: remain in Cash until Overbought resolved_ despite 1st. July Buy Condition

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Today's Session:

hedged *1378 - reducing

...overbought markets - huge inflowing liquidity last two trading sessions - further gains to current overhead resistance *1346 (the June 1 High *1345) possible - risk for a corrective shakeout to *1293 first line support 

...the SPX 500 holding just below current overhead resistance *1346 (the June 1 High *1345) - failure below/at resistance introduces high risk for a corrective shakeout to *1293 support - trading below current *1316 signals first signs of weakness  
Kind Regards