The S&P has been on a down trend lately. In fact, it has retraced all the way down to my old Trading Point back in March. Now let's see what this all means:

1. The Market looks like it has found a bottom and turned around at my 1252.00 Trading Level.
2. The RSI (Relative Strength Indicator) is higher on Wednesday's low - good confirmation that this should be a possible bottom.
3. Volume is picking up indicating that Wednesday's was (at least a near-term) bottom.
4. I don't like yesterday's close. It has the look of more downside to come. We need to see a close above 1269.25.

Here’s my Long term Trading Levels:

1342.75
1321.25
1308.00 (Important Level)
1297.25 (Important Level)
1286.50 (Important Level)
1273.00
1252.00

Here’s my Short term Trading Levels:

1287.00
1278.75
1273.50 (Important Level)
1269.25 (Important Level)
1265.00 (Important Level)
1260.00
1252.00

Updated Trading Points:
No new Trading Points.

Click on image to enlarge!

Have a Profitable Day Trading!

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