Thursday, October 6, 2011

Trader Update -data point 6 October 2011-

...down to the nitty gritties - the market needs to continue to built strength in a positive sideways/up move consolidation to weaken the negative overhang in market internals and yesterday's VIX 37.81 Close still represents high fear levels in the market 

...look for a bull/bear fight around the *1136 support level for more insight to market direction in the short/medium term far into the session, the bulls managed to hold the *1136 support with an intraday Low *1135 - now pressing ahead into the September 29 resistance level *1178/*1180 - risks are increasing in the resistance to move lower to affirm the *1100 Psych level/*1112 Congestion Low ahead

...if the *1100 Psych level/*1112 Congestion Low is successfully defended, the market is set to rally back into the June 2011 Low *1258

Kind Regards

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