The Market (S&P 500) has continued to climb over this past week but seems to have hit some resistance. With the nice move the Market has made over the past few weeks it should be time for it to retrace down to my 1104.75 Trading Point and may find support at my 1102.50 Trading Level. I have updated the Trading Levels and Trading Points to reflect the eMini Dec Contract. Let’s go over this week’s action:

1. The Market has continued to head higher.
2. Volume was good for this latest move.
3. New Trading Point has occurred at 1104.75 (should Hit this soon).
4. RSI (Relative Strength Indicator) appears to be matching the price action.
5. The S&P is staying above the 50 day Moving Average and now has moved back above the 200 day Moving Average.

Here’s my Intermediate term Trading Levels:

1124.00
1102.50 The Market should retrace at least to this level.
1089.00 (Important Level)
1078.25 (Important Level)
1067.50 (Important Level)
1054.00
1032.50

And here are my updated Trading Points:

1193.50
1151.25
1121.75
1114.50
1104.75 New Trading Point
1047.00 Major Trading Point (Dec Contract)
1019.00 Possible Trading Point – However very minor.

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.