redback report week ended 11/2/2011, page-3

redbacka

Great stuff as always.

I have detailed multiple reason for watching SPX 1332/5. Monthly dynamic high of 1334/5 being one. Another is BB's monthly exceeded and about as much as normally seen.

I also note SPX has 10 week up sequence and daily 9 days up to boot.

It looks to me it may need a higher high than Friday for pattern.

If Monday night looks like a gap up then the 1330.79 high of Friday will see us in the interesting range.

Below is part of Ferrera's 2011 pattern. Suggests a pause for a month or two even if going higher.





Sounds like that would be a low risk short.