Yesterday’s trading action did as expected and bounced off of one of my Intermediate Trading Levels. I like the fact that the S&P showed strength at the end of the day and was only down a couple of points. However, I am still cautious and feel that we still may go back down to 1056.00; but will need a bigger catalyst to make that happen. And as I mentioned last Friday, due to: 1) lack of volume and 2) the steep angle of accent (which can not be sustained) the Market will head down below 1094.50. And yesterday it did, all the way down to 1084.50.

Here are my Intermediate Term Trading Levels (from my 2/24 blog post – link is below):
1094.50
1084.25 (Important Level) The Market went down to this Level yesterday and bounced off of it
1076.00 (Important Level)
1067.75 (Important Level)
1057.50 to 1056.00

And here are my updated Trading Points which may be HIT (updated:
1143.00
1056.00 We came within .25 of Hitting this Trading Point – however I still say we need to Hit it.

Click on image to enlarge!

Have a Profitable Day Trading!

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