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Market Trading Guru |
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By Terry Martin
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November 20, 2009
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Once again we find ourselves in the midst of another Market (S&P) pull-back. Volume is still “lack luster” except for yesterday when the volume spiked as the Market retreated. Suggesting that there may be more room yet to the downside. My indicators are confirming this pull-back.
Tomorrow should be a “wild ride” due to options expiration and perhaps even lack of volume due to the fact that some of the traders may want to get a start on a long vacation. Volume should really dry up next week due to vacations.
For me to be happy, I would like to see the Market pull-back to the following Trading Levels where the Market should find support:
My Intermediate Trading Levels:
1079.25
1069.25 to 1066.25
1059.00
My Trading Point to watch still stays the same from last week and it is…
1066.25
One other noteworthy point is to watch for the RSI to drop to 50 (it is close to that right now) which typically leads to a great entry point to go long (or buy into the Market). Up-moves generally re-start at this point.
 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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