Trader Update -data point 9 January 2013-

...the SPX500 consolidates below the 2012 *1474.51 Top with the 21 December 2012 High *1444_the 21-dsma current *1433.96 (= the 50% retrace of *1467.94/*1398.11) as attractive immediate short term targets
...a successful defence of the target area will propel the index past the *1474.51 Top with an intermediate *1521 in view
...failing the immediate short term targets signals weakness followed by a test of the 2 January 2013 Low *1426.19 as a minimum

Kind Regards