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Market Trading Guru |
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By Terry Martin
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April 09, 2010
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Yes, I am waiting for the “other shoe to drop” and be the catalyst for the Market (S&P 500) to make the retracement I have been looking for. With that said, the new Earnings Season starts in a few weeks, and I would expect companies to do well on their earnings compared to last year. So, I don’t think I will get any help from there.
I say this because the RSI (Relative Strength Indicator) suggests that the Market is losing strength along with High volume on a losing day. I would like to see the Market retrace down to the breakout level (1142 on the June contract).
By the way, be wary of the Market making new highs on low volume. Recipe of losing steam.
Here are my updated Trading Levels:
June Contract
1188.00
1172.25 (Important Level)
1167.50 (Important Level)
1162.50 (Important Level)
1146.75
And here are my updated Trading Points which may be HIT (updated). These Trading Points are going to need a major negative catalyst to the Market head down to these numbers:
1117.25 (updated with June Contract)
1109.75 (updated with June Contract)
1100.50 (updated with June Contract)
 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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