Wednesday, November 21, 2012

Trader Update -data point 22 November 2012-

...initial decisive action on 20 November 2012 *1390 pushed the price below its 200-dsma, but the market supported *1377.04 and drove the index back into the *1380/*1390 congestion range with a *1387.81 Close just below the *1390 Psych barrier
...todays Close *1391.03 is not exactly awe inspiring since the intraday High *1391.25 still sits below the 9 November 2012 High *1391.31 and the 30 July High *1391.74 - however, viewed in conjunction with long term trending Fed. Liquidity_Institutional Investors_Foreign Liquidity Inflows extending in expansion territory, todays Close keeps a short term bullish bias alive and well a result, base building in the *1380/*1390 congestion range signals the markets resolve to push the index further up into the *1400 resistance zone with a view to challenge the 50-dsma current *1426.80 - to keep this outlook alive, *1377.04 needs to hold - a violation of *1377.04 signals weakness ahead and a Close below *1365 and the mouse is dead

Kind Regards

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