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Market Trading Guru |
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By Terry Martin
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October 16, 2009
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Hello Everyone! Again this week we have continued to see gains in the S&P mainly due to Earnings Season being upon us. And with the past Earnings Season’s being as dismal as they have been it is no wonder we are seeing companies beating their Estimates. I have updated my Intermediate Trading Levels (Support and Resistance levels) to adjust for this latest move. With that said I still urge a sense of caution and here’s why:
- Volume is still low – especially on the “break out day” we had on 10/14. I would expect much more.
- Indicators are not confirming this move higher – thus the Market is showing a lack of strength.
- Major Trading Point at 1068.75 on the Futures and 1073.70 for the Cash Index.
Now let’s see what the Market has done this past week. Looking over my Intermediate Term Trading Levels it appears that we will be having a retracement to the following Trading Levels:
Intermediate Trading Levels:
1074.75
1063.25 Major Trading Level
1054.00 Major Trading Level
1044.75 Major Trading Level
1033.50
And I still have two Trading Points to watch out for and should be HIT…
1053.75
1037.00
Market Trading Guru is Terry Martin, creator of THE Most Accurate Trading Pivot Points method “Trading Levels”, Veteran Stock, Bond and Futures Trader.
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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