Monday, October 17, 2011

Trader Update -data point 18 October 2011-

...overbought on the daily time frame combined with strong overhead resistance and continuous lack of institutional directional committment  (largely reducing selling and weak accumulation), the market failed the October 14 2011 suggested test of the August 31 2011 High *1231 and corrected down

...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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