Trader Update -data point 13 October 2011-

...price action failed again the *1220 mark on October 12 2011 - while profit taking is apparent at the level, down ticks could not damage the recent uptrend starting from the October 4 2011 Low *1075 just yet

...concerns remain that the level of positive trending stocks is negative divergent to the level of very strong stocks moving higher - not a good look in terms of sustainability of the current up-move, as institutions remain sidelined ahead of earnings

...however, the market needs a Close below the October 12 2011 Low *1185 to signal readiness for an extended corrective shake-out to test the *1112/*1125 congestion

Kind Regards