Trader Update -data point 16 November 2012-

...the SPX 500 now entered the July 2011 *1350 support range with 81% of very strong stocks negative and a 200-dsma on the verge of breaking negative as well a 10% correction so far from the *1470 Top - intraday trading shows accumulation around the 2011 July Highs

...as a result, good potential for a short term bounce off support for another challenge of the March 8 2012 *1365.45 Low which could lead to a renewed challenge of the 200-dsma current *1382.00 if successful - reclaiming of the 200-dsma would indicate, the market is seriously considering ending the current correction
-on the flip side, failing *1365 straight or the 200-dsma, introduces high risk into the market for more downside to the *1300 level at a minimum

Kind Regards