Trader Update -data point 5 January 2012-

...the 3 January 2012 market pushed past the 27 December 2011 High *1269.37 in an apparent show of strength, but sold off the 31 November 2011 High *1284.69 without setting even a marginal new High - the 27 December 2011 VIX closed the *1269.37 High *21.91 - furthermore, the 3 January 2012 VIX closed the day's High *1284.62 *22.22, red-flagging a market heading higher with a VIX heading higher - in perspective, a VIX Close below the bullish *19.83 level would be needed to set the market at ease with a bullish outlook - in the meantime, caution trading this market is advisable

...nevertheless, despite the obvious bullish/bearish indecisiveness in the market, the surge past the 27 December 2011 High *1269.37 opens up further upside potential to challenge 2-yr trendline resistance current *1290.25 en route to the 27 October 2011 Peak *1292.66 in the neighbourhood - past *1292.66, the view opens up into the *1300 Psych barrier, making out *1356.70 in the distance

Kind Regards