Friday, November 11, 2011

Trader Update -data point 11 November 2011-

...the SPX 500 turned sharply and opened the week starting 10 November 2011 on a positive note *1229 - as well as setting a higher Low *1228 - as well as closing above the 4 November 2011 Low *1239  - beat that- a result, the positive bias in the market is bruised but not dead - the funeral directors need to hang in there and wait until the market has had the guts full of volatility and follows through sharply lower:

-taking down the 10 November 2011 Low *1228
-taking down the 1 November 2011 Low *1215
-taking down the *1200 Psych barrier

on the way to challenge the 50-dsma current *1192

...a Close below *1192 confirms the 9 November 2011 *1275 as Top

Kind Regards

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