Trader Update - data point 6 July 2011-

Confirming Strength:

-SPX 500 1st. July_BUY - Condition

_markets overbought

-SPX 500_C-RSI 30 +5.31 - C-RSI 9 > C-RSI 30

-Long Term Trending Fed- /Foreign net- Liquidity Inflows_'downtick' in mid-expansion

-Institutional selling action_down trend

 

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

-New Lows: 7 < 28 danger zone < panic zone 50

-NYSE_(= hft-zone)_C-RSI 30 +4.28_positive NYA-Momentum

-Leadership stock/Broad market stock ratio: +2.67  bullish

Confirming Weakness:

-VIX 16.06 > 15.23 support < 20 stress level_long-term resistance 24.65_D/Vol 'uptick'
-New Highs Trending Indicator: 144 < 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

...the SPX 500 slightly lower after dipping ahead of the June 1 High *1345 to intraday Low *1331 -  markets remain overbought - risk for a corrective shakeout to affirm current*1295 trendline support/(June 22 Peak *1299) briefly

...a successful defense of current*1295 trendline support/(June 22 Peak *1299) would signal the start of a larger rally targeting the May High *1370 - potential to trade higher towards the *1400 Psych barrier  

Kind Regards