This week has proved to be a nice move up for the Market (S&P) as mentioned in my last two posts. However, it looks like the Market has run into some resistance at my 1096 to 1098.75 Trading Level (see Chart below).

1. The Market generated a new Trading Point at 1076.25 on Monday and was HIT yesterday; leaving only 1 possible (very minor) Trading Point to the downside at 1024.00 (for the eMini).
2. RSI (Relative Strength Indicator) is now confirming the price action to the upside.
3. Volume is still weak on this up-move. A big sign of caution. Watch for a Pull back.
4. We need for the Market to close above 1096.00 to continue the latest up-move.
5. Earnings Season started this past Monday and all indications suggest that this could be an excellent quarter for companies.

Here are my Intermediate term Trading Levels (same as last two weeks):

1127.75
1098.75 Looks like we are getting Resistance at this Trading Level
1081.00 (Important Level)
1066.50 (Important Level)
1052.25 (Important Level)
1034.25
1006.00 (Support)

Here are my Shorter term Trading Levels:

1096.25
1074.25
1061.50 (Important Level)
1050.75 (Important Level)
1039.75 (Important Level)
1026.50

And here are my updated Trading Points:

1198.50
1156.25
1109.75
1076.25 NEW on 7/12 and was HIT on 7/15
1024.00 Possible Trading Point – However very minor. Will take a big catalyst to move back down to this Trading Point

Click on image to enlarge!

Have a Profitable Day Trading!

For more from the Market Trading Guru, you can follow his blog at http://mrkttradingguru.wordpress.com to receive the daily Trading Levels or on Twitter: @MrktTradingGuru.