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Our breakaway level on the S&P 500 is 949. If the market closes above that line we have an upside target of 1024. If it closes below that line our downside target is a lower low of 875.

In general, the data this morning held more bullish indicators than bearish:

· The VIX declined yesterday with a closing level of 53.11
· Yesterday’s volume was comparatively light yesterday –less than half the level we had seen during the capitulation sessions in previous weeks
· Sentiment indicators continue to come in at historic lows
· Credit spreads continue to show signs of contraction
At the time of this update, our marginally bullish stance is being tested, but we rely on a disciplined process and will adjust our market levels accordingly.

Andrew Barber
Director