Now let’s see what happen since the last I posted (a couple of weeks ago) from this past week in the Market (the S&P):

1. The made an excellent move today. However, I think many of the Institutions are still setting on the side line.
2. The Market HIT my Trading Point at 1061.00.
3. The “floor” or support has not been confirmed yet – but it is looking like 1038.50 maybe the new bottom.
4. RSI (Relative Strength Indicator) is responding well on this latest move up.
5. The Market is close to my “magic” number on the RSI when the Professionals like to short the market. Be very careful.
6. The Market is very close to my 1089.50 Trading Level – which means it could bounce off this resistance and head back down to my newest Trading Point 1055.00.
7. 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 1055.00.

Again, don’t be fooled by this up move. I expect to see the Market trade back down to 1055.00. Here are my updated Trading Levels:

1140.50
1121.00 (Important Level)
1105.25 (Important Level)
1089.50 (Important Level)
1069.75
1038.25

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

1198.50
1156.25
1109.75
1061.00 (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.