Friday, September 9, 2011

Trader Update -data point 9 September 2011-

Trader Update:

Hedged *1378

Trade: sold the SPX 500 *1202 - Target Range: below *1096 - Stop: *1187

...after SPX 500 futures managed to hold the *1187 support consolidating all day long yesterday, the September 2 congestion High *1202 capped the upside and the following impulsive sell-off just stopped short of the September 6 Low *1136

....the market now hit oversold but needs to hold the *1136/*1146 support range to manage another rally attempt into the *1168/*1178 resistance

...maket internals deteriorated with a VIX Close way above the 31 peace level - expectations are, the market will fail the *1136 support and push lower  for a second test of the bull level *1103 at a minimum - chances are, the market to stretch lower to the August 27 2010 High *1066 before turning bullish again
Kind Regards

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