Well this Market (the S&P Futures) is really going after my Trading Points I have recently posted (even ones I predicted back in my 11/13 posts – obviously updated to reflect the March contract). In fact, this Market is rapidly approaching a Trading Point at 1062. If the Market does not find support at my Long Term Trading Level of 1069.25; then it will Hit my Trading Point at 1062. Thereby moving its way down to my next Longer Term Trading Level of 1051.00. Surprisingly the RSI (Relative Strength Indicator) is not showing the kind of negative action that Price and Volume are; thus suggesting that we could be nearing a support area. However, since we are in Earnings Season – anything can happen.

As I mentioned last week, 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 Long Term Trading Levels to watch out for:
1099.00
1084.25
1069.25
1051.00

And here are my updated Trading Points which may be HIT (updated):
1097.50 (HIT)
1062.00 (updated to reflect the March contract)
1042.00 (I know - scary to think about)

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.