A couple of weeks ago I mentioned that "the S&P has retraced all the way down to my old Trading Point back in March." Additionally, I said that the Market looks like it has found a bottom and turned around at my 1252.00 Trading Level." And, it appears that the Market is topping out above one of my longer-term Trading Levels. Therefore, let's see what this all means:

1. The Market looks like it wants to pull-back to the 1340.00 Trading Level. The upward angle is too steep.
2. The RSI (Relative Strength Indicator) is confirming this move higher. But may “roll-over” soon.
3. Volume is low due to the Holiday week. This usually means more ups and downs than normal.

Here’s my Long term Trading Levels:

1367.25
1340.00
1323.25 (Important Level)
1309.75 (Important Level)
1296.00 (Important Level)
1276.25
1252.00

Here’s my Short term Trading Levels:

1352.50
1346.25
1342.25 (Important Level)
1339.25 (Important Level)
1336.00 (Important Level)
1332.25
1326.00

Updated Trading Points:
No new Trading Points.

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.