Monday, October 15, 2012

Trader Update -data point 16 October 2012- far, the SPX 500 market successfully bounced off
the upper level in the *1400_*1430 support zone coinciding with the rising 50-dsma current *1429.36, setting up the 2 April 2012 High *1422.38 as short term pivot support - today's bounce passed through the 12 October 2012 High *1438.43, but unfortunately with today's High *1441.31 did not make it passed the 3 October 2012 Low *1441.99 - today's bounce looks corrective rather than game changing a result, the market remains mired in weakness below trendline resistance current *1468 in the daily frame while institutions remain in distribution - until the market takes out *1468 with institutional support, challenges to the lower level in the *1400_*1430 support zone coinciding with a challenge of the rising 200-dsma current *1370.33 remain distinct potentials
Kind Regards

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