Sunday, October 9, 2011

Quo Vadis?

...starting to work off the extreme oversold in the SPX 500 weekly 5-yr
...large positive divergence in the strength of the NYSE composite index
...institutional investors accumulated the move - no selling into strength apparent
...the breach of the 3-yr VIX overhead resistance Tueday 4th October signals uncertainty down the track a result, above the *1100 Psych level/*1112 Congestion Low, the market is set to rally back into the June 2011 Low *1258 -decision point-


...price action remains strong above *1168 support - although a corrective pull back is very likely - trading below *1136 signals first signs of weakness and readiness to pull back to the *1100 Psych level
Kind Regards

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