Wednesday, November 16, 2011

Trader Update -data point 16 November 2011-

...the SPX 500 sold off into the Close *1236.91 just above the lower 3-week wedge support *1233.62 - weekly trendline support slipped lower current *1226.15 and marks a tolerable intraday potential bounce off point - the market definitely needs to hold the index right there in the range to avoid follow through lower - violation of  *1226.13 suggest weakness ahead with the next possible target the 1 November Pivot Low *1215_50-dsma current *1204.95

...the VIX bounced off the *30.16 Pivot support closing squeezed just below the 50-dsma *34.02 - pushing a Close below the 50-dsma should put an end to bullish hopes for the 1 November Pivot Low *1215_50-dsma current *1204.95 to hold

...down volume tapering off with consecutive sell-downs suggesting a move towards exhaustion

...USD-Index strength above the 50-dsma - oil up - positive economic news - SPX 500 down - looks like a SPX 500 shake out rather than a fake out

Kind Regards

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