Thursday, September 22, 2011

Trader Update -data point 22 September 2011-

...the SPX 500 *1066 target trendline in the 5yr weekly time frame 

Trader Update:

Hedged *1378

Trade: sold the SPX 500 *1194 - Target Range: below *1096 - Stop: *1168

...the market immediately followed through lower after yesterday's romp and sliced through the September 6 Low *1136 support - currently stabilizing following an intraday test of the August 21 Low *1117

...the selling over the last two days has been exhaustive and the market is heavily oversold - however, a violation of the September 6 Low *1136 support indicates upticks should be capped by the September 22 Congestion High *1158 at a maximum

...failing the September 22 Congestion High *1158 signals high risk for more downside with the August 27 2010 High *1066 as target

Kind Regards

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