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Over the last few weeks I have been Bearish and I am still Bearish for the Short term and Bullish Long Term. Therefore, once the Market (S&P) resets itself I see it heading to 1272.00 (calculated from the Dec e-Mini Contract); before stopping and taking a breath. Now, why am I still so Bearish in the Short term? Let’s see…
- The Market recent new high was made on low volume and volume increased as the Market pulled back.
- The RSI (Relative Strength Indicator) is showing signs of weakness. It is completely out of sync with the latest price action suggesting weakness to come.
Here’s my Intermediate term Trading Levels:
1235.25
1220.00
1210.50 (Important Level)
1203.00 (Important Level)
1195.50 (Important Level)
1186.00
1170.75
Here’s my new Longer term Trading Levels:
1235.25
1187.00
1157.50 (Important Level)
1133.50 (Important Level)
1109.50 (Important Level)
1080.00
1032.50
And here are my updated Trading Points:
1204.75 New
1177.00 New
1134.50
1120.50
1114.50
1104.75
 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. |
