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Market Trading Guru |
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By Terry Martin
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February 12, 2010
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Well, well looks like we HIT my 1042.00 Trading Point for the S&P eMini future and have bounced off that area. The Market is now trying to build a solid foundation to move higher from. The RSI (Relative Strength Indicator) is strengthening; suggesting that Friday’s low is the Support Level.
If my Trading Point at 1056 is HIT, then I will feel confident in saying that we have a very strong Support Level in place. If 1056 is not HIT soon, then I would say that we have a weak Support Level that could lend itself to a correction.
As always, I will let you know when this Market has put in a solid support; upon which to begin its turn-around.
Last week I gave you my Long Term Trading Levels. This week I am providing my Intermediate Term Trading Levels:
1087.00
1078.00(Important Level)
1070.25(Important Level)
1063.50(Important Level)
1054.50
And here are my updated Trading Points which may be HIT (updated):
1143.00 (NEW)
1096.50 (NEW)
1056.00 (NEW) We came within .25 of Hitting this Trading Point – however I still say we need to hit it.
1042.00 (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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