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Market Trading Guru |
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By Terry Martin
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January 22, 2010
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It looks like my prediction from last week was “on” for the S&P Cash and close for the S&P Futures. The Market went as high as 1147.00 twice and then proceeded to tumble. Wednesday’s and Thursday’s action has retraced to the intermediate term’s 50% Trading Level.
If this Trading Level is breeched then expect the Market to move to 1101.00 and could eventually make it down to 1090.25 before finally finding good support. Yesterday’s trading HIT two of my Trading Points 1113.25 and 1110.75 and I have updated them below. I will let you know when this Market has put in a solid support; upon which to begin it’s next move higher.
Here are my new Trading Levels to watch out for:
1118.75
1110.00
1101.00
1090.25
And here are my updated Trading Points which may be HIT (updated):
1132.00 New
1113.25 (most likely) HIT
1110.75 HIT
1097.50 (less likely – but still could get Hit)
 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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