Another wild ride for the Market (the S&P) this week. All eyes should be focused on 1128.25 as a solid support, if not watch out below. In my second chart I am showing that if 1128.25 does not hold we will be heading down to 1108.25 rather quickly.

Now, let's see what this all means:

Therefore, let’s see what this all means:

1. The Market is trying to form a base (support).
2. The RSI (Relative Strength Indicator) is confirming this “basing” action.
3. We want to see a confirmation of a bottom taking shape before getting back into this market and a break above 1184.00 on good volume as stated above (we broke above this but volume was low)

Here’s my new updated Long term Trading Levels:

1354.50
1288.25
1247.75 (Important Level)
1215.00 (Important Level)
1182.25 (Important Level)
1141.50
1076.00

My new Short term Trading Levels:

1206.00
1187.25
1175.50 (Important Level)
1166.25 (Important Level)
1156.75 (Important Level)
1145.00
1128.25 (watch for this support to hold)

Updated Trading Points:
1197.50 New Trading Point HIT

Click on image to enlarge!

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.