-as expected, commercials reducing the fully hedged short position into a sell-down with large traders selling
-interestingly enough, large traders moving out of the Nasdaq and appear accumulating into the SPX 500 at the same time, since the public can not be taken to the chopping block
...as a result, although the market has set an interim Top *1422.38 on 2 April 2012, until the public will be teased back into the market, it is very unlikely the current advance has come to an early end
...todays SPX 500 market supported at the 29 February High *1378.04 coinciding with trendline support drawn off the the 4 October 2011 Low *1115.68 and confirmed with the 25 November 2011 Low*1158.66 - short term frame very oversold justifying a long trade or careful long accumulation off the *1378 area - however risks are, the market wants to test its 50-dsma current *1371.33, just a stroll away, and coinciding with the 13 March 2012 accumulation market Low *1371.92 - no demand at this level and a correction appears inevitable with high risks of selling-off to the *1300
Kind Regards
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