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Market Trading Guru |
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By Terry Martin
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March 05, 2010
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Today should be a big Trading day. The Unemployment Rate report comes out at 8:30 am and will most likely really move the Market (the S&P). The Market is continuing its climb but is looking and feeling “tired.” While the RSI (Relative Strength Indicator) is showing signs of improvement, volume is drying up.
Here’s what I anticipate may happen today, the S&P Emini Futures should trade to1127.25 and then close down for the day. We had what is called an “inside” day (which is where the Low did not trade lower than the day before and the High did not trade higher than the High of the day before) yesterday which typically means that today will close down. This could be proved wrong if the Unemployment Rate report comes in much better than expected.
Here are my Intermediate Term Trading Levels:
1127.25
1107.00
1094.25 (Important Level)
1084.00 (Important Level)
1073.75 (Important Level)
1061.00 down to 1056.00
And here are my updated Trading Points which may be HIT (updated):
1143.00
1114.50
1105.25
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!
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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