Now let’s see what happen from last week in the Market (the S&P):

1. The Market HIT my old Trading Point at 1051.25 – which happens to be near one of my Trading Levels at 1050.00.
2. The “floor” or support has not been confirmed yet – but it is looking like 1038.50 maybe the new bottom.
3. RSI (Relative Strength Indicator) is responding well on this latest move up.
4. I would not be surprised if we make it to 1105.25 and then turn around and head back down.
5. Volume is not confirming this move up as of yet and therefore I would expect to see a move back down to my new Trading Point at 1061.00.

Don’t be fooled by this up move. I expect to see the Market trade back down to 1060.00. In fact here are my very short term Trading Levels:

Trading Levels below:

1092.75
1086.50 (Important Level)
1081.50 (Important Level)
1076.50 (Important Level)
1070.25
1060.00

Long Term Trading Levels:

1217.00
1174.75
1148.50 (Important Level)
1127.50 (Important Level)
1106.50 (Important Level)
1080.25
1038.50

And here are my updated Trading Points (again more upside than downside – a good sign):

1198.50
1156.25
1109.75
1061.00 (New)
1051.25 (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.