Daily S&P 500 INDEX TRACKER

[ananda77]

Trader Update -data point 11 November 2010-

...from a bullish bias: based on todays market internals the positive buying divergence towards session end continues and the SPX 500 closed again well above the November 03 High *1200

...a more bearish view: the positive divergence was not broad based and as a result, the SPX 500 closed down -5, moving further away from the *1222 positive/negative inflection point

...while the markets remain severly over-extended in the weekly 3-month/6-month time frames, the daily 3-month has started to correct but remains still in extension territory -1 rally and the market goes back to square one-

...as a result, more down side price action is likely with *1198/*1190 as attractive downside targets, followed by the October 27 key support level *1172 in a potential surprise downside move

...price action below *1198/*1190 indicates further weakness, while a Close above the *1222 inflection point would indicate the continuation of the recent bullsih advance

-!- 25 November 2010: US Thanks Giving -historically, all major markets rally one day before to one day after, while the 2nd. day after, markets are more likely to trade bearish -!-

Kind Regards