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Caution! The S&P May Be Starting to Retrace |
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By Terry Martin
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February 17, 2012
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The Market (S&P) hit a High of 1358 on Wednesday with a deteriorating RSI (Relative Strength Indicator). This could mean that The Market will begin to take a well deserved break since its run-up from 1/10/12.
Now, let's see what this all means:
Now, let’s see what this all means:
- The Market is did not close above Wednesday’s High and volume has dropped.
- The RSI (Relative Strength Indicator) is showing weakness.
- Watch for a close below 1333.75 which will confirm the retracement
- This should be good for The Market as long as the RSI bounces back.
Here’s my new updated Intermediate term Trading Levels:
1358.00
1343.50
1334.25 (Important Level)
1326.75 (Important Level)
1319.25 (Important Level)
1310.00
1295.25
Updated Trading Points:
1253.00
1146.75
1146.75
 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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