Trader Update -data point 30 September 2011-

...the market internals still need to improve but while sentiment remains negative, institutional  core holding displays a double bottom

...the SPX 500 so far holding *1148 support suggesting continuing consolidation and potential for more upside to test short term trendline resistance current *1162

...failing below *1162, price action will likely accelerate to the downside for a test of the *1100 Psych barrier with high risk to stretch lower towards the August 27 2010 High *1066

Kind Regards