What a day today was…great comeback for the Market (the S&P 500)!  There was a lot of positive things that happened today to suggest that the Market is forming a Major Support area.

1. The Market recovered in the afternoon after a big down turn.
2. This turnaround came with good volume.
3. RSI (Relative Strength Indicator) is confirming that a “Bottom” may have been made.
4. The Market successfully took out my old Trading Point at 1051.25 (which I have stated a number of times it had to do).

I will continue to watch the Market to make sure that in fact a Major Support area has been established; then post the update here and my blog post for TraderKingdom.com on Friday.

Watch for Resistance at the following Trading Levels:

1106.50

1080.50

Here are my updated Trading Points:

1198.50

1156.25 (New)

1109.75 (New)

1051.25 (HIT)

Advertisement