15% Hedged: *1200
...the SPX continues to trade/consolidate above the October 12 2011 Low *1186 and the 31 August 2011 High *1130 working its way out of overbought (78% of SPX 500 stocks currently trending positive) slowly- market bias remains positive but weak without directional committment
...a violation or better a Close below the October 10 2011 congestion *1182 would confirm a top and signal, the market is vulnerable to a larger corrective pullback to affirm the *1112/*1125 congestion
...depending on institutional comittment, a successful defended *1100 support will set the index up for a re-test of the August 31 2011 High *1231 - potential to move higher towards the 200-day MA
Kind Regards
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