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The S&P has Started its Climb But Needs to Pause Here... |
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By Terry Martin
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September 02, 2011
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The Market (the S&P) started its breakout, but needed to pull back since the breakout was not on "good" volume. Now when the Market starts heading back up past 1229.25; on building volume, that will signal great strength. With the next real "pausing" point around 1300.00.
Now, let’s see what this all means:
- The Market seems to have formed a base to build from.
- The RSI (Relative Strength Indicator) is confirming this upward move.
- The volume is still a concern and will be lower due to the long weekend.
Here’s my new updated Intermediate term Trading Levels:
1229.25
1206.50
1192.50 (Important Level)
1181.25 (Important Level)
1169.75 (Important Level)
1155.75
1133.00
My new (very) Short term Trading Levels:
1228.75
1220.25
1215.00 (Important Level)
1210.50 (Important Level)
1206.25 (Important Level)
1201.00
1192.25
Updated Trading Points:
None
 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. |
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