Is the Market acting like a dog and starting to roll over?

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Is the Market acting like a dog and starting to roll over?
By Terry Martin
August 06, 2010

Let’s get to the point. Looks like we are hitting a Resistance level at 1126.00 Trading Level (see Chart below) and volume is showing exhaustion. Be careful. Let’s see where we are:

The Market continues to move higher on lower volume
There are Trading Points at 1100.25 (for the eMini).
RSI (Relative Strength Indicator) appears to be “peaking.”

Here’s my Intermediate term Trading Levels (same as last four 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:

1116.00
1110.00 (Important Level) The Market should head back down to this Trading Level.
1105.25 (Important Level)
1100.25 (Important Level)
1094.25

And here are my updated Trading Points:

1198.50
1156.25
1100.25 Should HIT this Trading Point
1063.75
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.