Last week I said “it looks like the Market (S&P) has run into some resistance at my 1096 to 1098.75 Trading Level (see Chart below).” Well it does look like the Market ran into resistance at my Trading Level. Then, the Market retraced to my 1050.75 Shorter Term Trading Level before moving higher. However, now we appear to be banging our head against the Resistance at the 1096 Trading Level once again. Let’s analyze this latest move:

1. The Market generated a new Trading Point at 1063.75 (for the eMini).
2. RSI (Relative Strength Indicator) is finding resistance to the upside just like Price.
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 may be the catalyst to get the Market to close above 1096.00. Thereby pushing the Market higher.

Here’s my Intermediate term Trading Levels (same as last three 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 (same as last week – the Market is Trading to these Levels):

1096.25
1074.25
1061.50 (Important Level) The Market closed on Monday at this Level. And the Market low on Wednesday stopped at this Level.
1050.75 (Important Level)The Market low on Tuesday reversed at this Level.
1039.75 (Important Level)
1026.50

And here are my updated Trading Points:

1198.50
1156.25
1063.75 NEW – Needs to be HIT
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!

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