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Market Trading Guru |
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By Terry Martin
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November 27, 2009
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I hope everyone had a safe and Happy Thanksgiving. I know today is a short trading day and volume is going to be very light. Therefore watch out for the Market to make very large moves (especially to the downside) since that is the basis of where the Trading Point is down at 1066.25 on the Futures and a major Trading Level at 1069.25. The RSI is pulling back nicely setting up a traditional buying signal (when it hits 50). Watch for these areas and will be back next week (or catch my blog post updates during the week – see my site below) with an analysis of how this “shaked” out.
My Intermediate Trading Levels (are still):
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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