Looking at the chart below I see the S&P dropping back to the 1326.50 Trading Level and maybe even reach down to the 1319.50 Trading Level before moving higher. However if the S&P "breaks through" the 1337.75 price on high volume then we have a set up for a move to 1382.75 before the Market takes any real break. Now what:

1. The Market’s pull-back seems to have finished. Trading Points have appeared in the Cash Market. Therefore be cautious.
2. The RSI (Relative Strength Indicator) is still starting to gain strength.
3. The new Earnings Season is upon us. This is really affecting the market but it should stimulate the market overall.
4. Volume really needs to pick up. This is without question especially when it breaks through the 1337.75 price point.

Here’s my Intermediate term Trading Levels:

1337.75
1326.50
1319.50 (Important Level)
1313.75 (Important Level)
1308.25 (Important Level)
1301.25
1290.00

Updated Trading Points:
All Intermediate term Trading Points have been Hit

Click on image to enlarge!

Have a Profitable Day Trading!

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