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www.stocktiming.com: -data point 30 June 2009-
...Institutional Core Holding http://i49.tinypic.com/2nvziq.jpg -at wedge support level-
Trader Update -data point 30 June 2010:
…institutional activity is at a critical level as the basic bias tends to negative at support level
intraday action looks tedious as upticks appear gruntless and internals remain negative but so far, the SPX manages to stay alive above May Low *1041 -just-
...as a consequence risk to the downside remains high with the index trading below current *1053/*1056 and combined with a closing violation of *1042 or the May Low *1041 would set the next down targets:
-Nov 2009 Low *1029
-Oct 2009 low *1020*at a minimum
-scope to reach down to Aug 2009 Low *978 before stabilizing
...on the flipside, holding above *1041/*1042 would signal the market is prepared to do base building that would result in a near term floor
...institutional selling http://i48.tinypic.com/207w6ya.jpg -selling reversed to upside-
Long Term: http://i41.tinypic.com/33mmkxe.jpg
Kind Regards
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hmmm will the S + P close under 1040? Looking more than possible right now...
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for all those who don't know... the Chinese believe 8 to be a lucky number
last time S&P stopped at 666
The number 6 (六, Pinyin: liù) in Mandarin is pronounced the same as "lee-oh" (澑, Pinyin: liù) and similar to "fluid" (流, Pinyin: liú) and is therefore considered good for business. The number 6 also represents happiness. In Cantonese, this number is a homophone for blessings (祿 Lok)
8
The word for "eight" (八 Pinyin: bā) sounds similar to the word which means "prosper" or "wealth" (发 – short for "发财", Pinyin: fā). In regional dialects the words for "eight" and "fortune" are also similar
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Trader Update -data point 1 July 2010:
…institutional selling continued higher and the institutional index core holding closed below support but the institutional 'shift in direction' has reached now extreme low levels indicating potential for a short covering rally near term
…intraday so far, the SPX bounced off from the session Low *1011 just ahead of major support levels:
-*1000 psych barrier
-*992 September 2009 Low
-*988 August 6 Low
although market internals remain weak and risks remain high for another probe lower below *1011, the support trio will likely hold as a short to medium term floor
…a successful defense in the *988/*1000 range would set the tone for a rebound back into the *1120/*1130 Congestion
'protective shorts' to *1049 on a Close basis
Long Term: http://i41.tinypic.com/33mmkxe.jpg
Kind Regards
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Trader Update -data point 5 July 2010:
...the SPX 500 traded up to the intraday High *1033 just below the June 29 Low *1035 and immediately got sold off to intraday Low *1016 to a Close *1023
although it is difficult to comment on the SPX 500 Friday Trading Action and Close in terms of potential future price action because of the 4th July public holiday in the US, some interesting positive technical divergences appear in the US market at present:
-Institutional Index Core Holding below primary and secondary support trending down but
-the P&F to July 2010 testing a double support
-Institutional selling up-trending but
-the institutional 'shift in direction' at extremely low level with potential to turn up
-Long Term trend Fed/Foreign liquidity inflows in contraction territory but near -100% level
-Positive VIX.DVol to NYSE divergence end of Thursday July 1 trading
...the Friday jobs report was anything but positive... but the market reaction -selling the index *1033 off- could have been subject to the 4th July extended weekend
if the market ignores the bad employment data on Tuesday, a potential rally of the SPX 500 support trio into the *1120/*1130 Congestion is expected
if the positive divergences in the market do not come into play -braze for a melt down-
the SPX 500 hedge remains 'protective short' to *1049 on a Close basis
Long Term: http://i41.tinypic.com/33mmkxe.jpg
Kind Regards
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Trader Update -data point 6 July 2010:
...as expected, the SPX 500 reversed sharply to intraday High *1043 after setting a new Low *1007 in pre-market Open trading
in the meantime, the index trades around the short term lower channel support current *1022 in what appears to be a shallow pull-back
the impulsive nature of todays rebound however suggests that the index will continue its advance after the congestive *1022/*1030 range is confirmed to head back up into the *1120/*1130 range at a minimum
...trading past the June 30 High *1048 confirms this view and the rally should accelerate above that level
the SPX 500 hedge remains 'protective short' to *1049 on a Close basis
Long Term: http://i41.tinypic.com/33mmkxe.jpg
Kind Regards
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Another day of staving off the slide towards a bear market.
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www.stocktiming.com: -data point 7 July 2009-
...Institutional Core Holding P&F http://i32.tinypic.com/4zwao0.jpg -paramount for index to hold support-
Trader Update -data point 7 July 2010:
...accompanied by bullish market internals, the SPX 500 rallies up from intraday Low *1029 to trade at *1051 so far, but needs to continue to show strength into a Close above *1048
...unfortunately, the bullish picture remains tainted by a Russell 2000 which does not share the bullish enthusiam in the larger indexes
...as a consequence, risks remain for the SPX 500 to the downside below a Close of the June 30 Low *1048
...institutional selling http://i30.tinypic.com/2j4adxe.jpg -up-trend with positive divergence-
Long Term: http://i30.tinypic.com/33bzfgk.jpg
Kind Regards
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Dows up over 200 points today. Should equate to a good day down here.
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Once they got through 180 pts, that 10000 mark had a big red target on it! Will they sell it into the close?