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On Dec. 10th I mentioned that we may be in for a Santa Clause rally in the S&P and then gave the prediction that the Market would stall at around 1272.00. As of yesterday's action, it looks like the S&P made it 1274.50. Let's see if this will be the area where the S&P decides to take a breather and start to pull-back. Even with all of this wonderful upside action, I am still Bearish "short-term", Bullish "long-term." Again let's see if anything has changed over the last couple weeks as far as RSI (Relative Strength Indicator) and volume...
- The Market recent new high was made on low volume.
- The RSI (Relative Strength Indicator) is continuing to show signs of weakness. Suggesting weakness to come.
Here’s my Intermediate term Trading Levels:
1274.50
1269.00
1265.00 (Important Level)
1262.00 (Important Level)
1259.00 (Important Level)
1255.25
1249.25
Here’s my new Longer term Trading Levels:
1274.50
1248.50
1232.75 (Important Level)
1219.50 (Important Level)
1207.00 (Important Level)
1191.00
1165.50
And here are my updated Trading Points:
1257.50 New
1204.75 HIT
1177.00 HIT
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. |
