We are seeing a breakout on the S&P, but on low volume. I would like to see the Market (the S&P) drop back to 1337.75 before heading higher. The next target (Trading Level) for the S&P is 1367.50 and then on to 1382.75 before the Market takes any real "rest." Now what:

1. The Market’s pull-back seems to have finished. Trading Points are still there in the Cash Market. Therefore be cautious.
2. The RSI (Relative Strength Indicator) continues to gain strength.
3. The new Earnings Season is upon us. This is really affecting the market but it should stimulate the market overall. So far the Earnings are pushing the Market higher.
4. Just like always volume really needs to pick up. And on the breakout, the volume was not as high as I would like.
5. I think we still may get another chance to buy (40% chance) at around the breakout price of 1337.75.

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 – this is a possible Trading Point:
1349.00

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Have a Profitable Day Trading!

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