Trader Update -data point 24 November 2011-

...the SPX 500 stretched lower past the 10 October 2011 price/50-dsma Crossing *1175.92 for a challenge of the 10 October 2011 Low *1158.15 (the 61.8% retrace of the 4 October 2011 to 27 October 2011 rally) - the index closed *1161.79

-the positive volume divergence continues

-the positive VIX divergence
-Trin: +4.46 at extreme bearish bias

...the market traded into short term oversold and could produce a bounce but the real test of the 61.8% retrace of the 4 October 2011 to 27 October 2011 rally) remains in the cards. A successful defense of the *1158 level should provide the building blocks for the long-awaited SANTA rally

Trade: buy current prices target: *1325 stop: *1175 stopped
Trade: buy Close *1211.46 (+) target: *1325 stop: *1183

Kind Regards