Last month (my last post actually) I started with - "The S&P is firming up for a breakout to the upside..." Well it looks like the Market (the S&P) is doing that. However, with a big move comes a "pull-back" (for profit taking). Therefore, watch for a small retracement (support areas are given below). And as I have been saying, all other indications are showing strength.

Now, let’s see what this all means:

1. The Market has broken out of the Trading Range it has been in for the last 2 months.
2. The RSI (Relative Strength Indicator) is confirming this upward move (with more room to the upside – indicating more upside).
3. The volume is OK (not great) but OK.

Here’s my new updated Intermediate term Trading Levels:

1311.75 New Upside Target
1289.25 1st Retracement Target
1275.00 (Important Level) for support
1263.50 (Important Level)
1252.25 (Important Level)
1238.25
1215.50

Updated Trading Points:
None (confirming to see if one did form – will update if one did)

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.