The S&P Continues its Breakdown

The Market (S&P) has retraced to my 1198 Trading Level. I feel that we may see the Market head all the way down to my Trading Point at 1146.75. The recent action on The Market (the S&P) has not been good. It is suggesting continued downward price projections. If The Market breaks through the 1198 Trading Level, we may see The Market drop all the way down to 1146. All indications are showing weakness:

Now, let’s see what this all means:

  1. The Market is close to breaking through a Trading Level (Support Level) at 1198.
  2. The RSI (Relative Strength Indicator) is confirming this downward move.
  3. The volume is rising on a downward price movements.

Here’s my new updated Long term Trading Levels:

1282.75
1230.50
1198.00 (Important Level)
1172.00 (Important Level)
1145.75 (Important Level)
1113.50
1061.25

Updated Trading Points:
1146.75

12/16/2011

Have a Profitable Day Trading!

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