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Market Trading Guru |
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By Terry Martin
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December 18, 2009
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Well, I may sound like a broken record but this Market (the S&P) wants to “pull-back” to my 1066.25 Trading Point. As I pointed out last week we find ourselves with the Market continuing to consolidate in price for over 1 month yet the RSI (Relative Strength Indicator) is still weakening.
Therefore, I still feel we will be heading lower before a true up-trend can be established. The only thing that will break this consolidation is a fair amount of either good news (to send the Market higher) or bad news (which will send the Market lower). As we move closer to Christmas, volume will be drying up and this Market may be in for some wild mood swings; since it will not take much to move the Market.
My Intermediate Trading Levels are the following (now adjusted for the March E-Mini contract):
1078.50
1067.50
1056.50
My Trading Points to watch are (updated for the March contract):
1090.50
1062.50
 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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