|
|
|
The S&P has Weakened and Has Broken Through an Important Support... |
|
|
By Terry Martin
|
|
July 29, 2011
|
|
Looking at the chart below you can see that the Market (the S&P) has broken through the 1291.25 Trading Level and is heading down to my Trading Level at 1276.50 - 1273.50 area. Therefore, let's see what this all means:
- The Market is dropping on higher volume and is not showing any good signs of a support.
- The RSI (Relative Strength Indicator) is confirming this move lower.
- We want to see a confirmation of a bottom taking shape before getting back into this market.
Here’s my Long term Trading Levels:
1354.50
1330.50
1315.50 (Important Level)
1303.50 (Important Level)
1291.25 (Important Level)
1276.50
1252.25
Updated Trading Points:
1340.75 New Trading Point
 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. |
|
|
This website is for educational purposes only. Offers and events from 3rd party vendors are provided for convenience only. Trader Kingdom is not responsible for the content of a 3rd party website or their services.
Futures, options, and spot currency trading have large potential risk and traders should be well-educated before putting real money at risk. You must be aware of the risks and willing to accept them in order to invest in all markets. Risk capital is money that can be lost without jeopardizing ones financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. This website is neither a solicitation nor an offer to buy/sell a futures contract or currency.
