Saturday, November 12, 2011

Trader Update -data point 14 November 2011-

...more positive 11 November 2011 price action just below the 200-dsma *1272.27 supported by rising 50_dsma *1200.78:

-closing *1263.85 above the 3 November 2011 Pivot High *1263.2
-VIX closing *30.04 below Pivot 30.16

-negative volume divergence continues

-growth rate ----FTL(follow the leader/very strong) -stocks negative
-weak strength below C-RSI +5 a result, mixed internals supporting a market in need for more consolidation between the 1 November Low *1215 and the 200-dsma current *1272.72. However, above the 10 November High *1246.22 and the 3 November 2011 Pivot High *1263.21, price action supports a break above the 200-dsma to challenge the 27 October 2011 Trading High *1292.66. At this stage expectations are, *1292.66 Top will remain in place until market internals favor clear upside potential

...on the downside, any violation of the 1 November *1215 Low signals very HIGH risk for more downside price action to challenge the *1200 Psych barrier as a minimum

Kind Regards

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