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Some excerpts from last week, “looks like we are hitting a Resistance level at 1126.00 Trading Level and volume is showing exhaustion. Be careful.” This proved to be right on the mark and the Market has dropped 4.13% from these comments. Now let’s look where that puts us:
- The Market has more downside bias left in it. Could drop all the way down to my 1057.50 Trading Level taking out my 1063.75 Trading Point.
- Trading Points are forming higher (a good sign suggesting that the Market should be establishing a support area soon)
- 3. RSI (Relative Strength Indicator) appears to be following the pattern in late June suggesting more downside to come.
- Broke below the 50 day and 200 day Moving Average
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 (updated):
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
1084.00
1057.50
And here are my updated Trading Points:
1198.50
1156.25
1125.75 New Trading Point
1119.50 New Trading Point
1100.25 HIT this Trading Point
1063.75 Should HIT this Trading Point
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. |
