Are We Bottoming Out On The S and P Feb 9th

Sorry for the lack of posts lately.  I have been busy with some Trading Projects and a new upcoming Radio Show/Podcast Pilot…exciting stuff.  Anyway, I have been putting up posts every Friday for the folks at TraderKingdom.com.  Be sure to go check them out and catch my new post this Friday.

OK, now for a quick recap, my last post on TraderKingdom.com said that the Market (the S&P) could HIT my Trading Point at 1042 and it sure did; which makes my Trading Points so far for the last 3 years 100% accurate.

Now let’s get to some quick analysis.  Monday’s action was actually great for the Market and RSI (Relative Strength Index) is this “bottoming” action.  Today’s move confirmed my Trading Level analysis I did last night but did not get a chance to post (see chart below for my Trading Levels).  I do have a word of caution, a Trading Point has now occurred at 1056 which is right by one of my Trading Levels at 1055.  I strongly feel that we need to HIT 1056 and would expect the Market to go down to 1055 and bounce off this Trading Level.  If 1055 is not a support level; then we will be heading back down to 1040.75.  With that said here are the new Trading Levels and Trading Points:

Trading Levels – Intermediate Term

1087.25

1078.50 (major Level)

1071.25 (major Level)

1064.00 (major Level)

1055.00

And my new Trading Points that need to be HIT:

1132.00

1096.50

1056.00

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