The S&P has pulled-back and is consolidating. Much like a spring getting tighter and tighter in its coil only to eventually "explode." And in the case of The Market, this should mean a big move either up or down (and I estimate it will be good up move). A word of caution, we are in May and the old saying goes (para-phrasing) when it is said that you should sell your stocks now and buy them back in the fall. Now what:

1. The Market has pulled back to its breakout area and I consolidating.
2. The RSI (Relative Strength Indicator) is performing the way it should be – good confirmation.
3. Volume appears to be normal for this pull-back.
4. Looks like we got “another chance to buy at around the breakout price of 1337.75” as predicted last week. We still may get there.

Here’s my Intermediate term Trading Levels:

1351.75
1339.75
1330.25 (Important Level)
1320.75 (Important Level)
1320.75 (Important Level)
1309.00
1290.00

Updated Trading Points – this is a possible Trading Point:
1349.00 HIT

Click on image to enlarge!

Have a Profitable Day Trading!

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