OK – we have not had “the other shoe to drop” yet to get the retracement for the Market (S&P 500) I have been waiting. And as I stated last week, Earnings Season is now on its way, and I would expect companies to do well due to their year over year results. What we need to see is a combination of great earnings and guidance; that combo on the majority of companies will propel the market upward. Lack of this combo along with any world financial crisis, such as not keeping Greece’s afloat will negatively impact the Market. Always fun to watch, but I am still short term Bearish, long term very Bullish. By the way, I did promise I would give my Bullish projection for the next big move once we broke through 1142 (sorry for the delay) – my projection is to see the Market make it to 1248 before we have to take a “big breather.”

Again, this week, the Market is making new highs on low volume – not good and could retrace to at least the newest Trading Point at 1192.75.

Here are my updated Trading Levels:
June Contract
1211.50 to 1212.50 (next top – unless broken through decisively)
1201.75
1195.50 (Important Level)
1190.75 (Important Level)
1185.75 (Important Level)
1179.75

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 (still have not seen this catalyst):
1192.75
1117.25

Click on image to enlarge!

Have a Profitable Day Trading!

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