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Market Trading Guru |
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By Terry Martin
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December 04, 2009
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It’s re-run Friday again. The Market this past two weeks has been feeling like it was getting weak and at the last few minutes of yesterday’s trading session it confirmed this weakness. This pattern resembles what we saw with the pull-back in mid-October.
Notice, as the Market headed higher the RSI did not confirm (and in fact got weaker). Tomorrow is going to be an interesting day to watch with everyone anticipating the Unemployment Rate number as well as Non-farm Payrolls. These reports will move the Market, with the bias perhaps being to the downside. If we get a spike from “good” news I feel this will be temporary; especially since the Market Volume and the Indicators still point to a weak Market right now.
Current Market action has adjusted my Intermediate Trading Levels to the following areas:
1082.00
1069.25 to 1071.50
1060.75
My Trading Point to watch still stays the same from last three weeks (and should be HIT real soon if tomorrow’s Economic Reports turn out worse than expected) is…
1066.25
 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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