02.02.2012 -- still waiting

Again nothing changed from yesterday. The Russel and Nasdaq finally broke their short term parabolic moves, which IMO had been supporting the market the last couple days. The NAS has been up big while the S&P and DOW are just kinda watching and getting pulled along behind.

------------------------

Key Levels

Upside -- Right here, 1340-1345

Downside -- 1310, 1287, 1257, 1234

------------------------

SPX Daily (12 month)

Closed under the trendline yet again. One of these days we are either going to bust higher and have a blow off top, or we are going to reject this key level (which I expect) and we'll see what kind of sell off we get from it.

Running back up to near the top has not done much to the Stochs or MACD. The stochs have a very small roll back up, but they are below that overbought level that could keep it running, they look ready to just roll back over again.

Something will happen soon, I think we will all at least welcome a resolution to this move.

GL

CJ