OK, we have now taken out and HIT my 1062 Trading Point and are heading down to my Long Term Trading Level of 1051. If the Market (the S&P) does not find support at the 1051 Trading Level I would say that the Market may actually go after my 1042 Trading Point. With that said, here is some good news…the RSI (Relative Strength Indicator) is still showing signs of improvement even with today’s action suggesting that we may be getting even closer to a support level.

As always, I will let you know when this Market has put in a solid support; upon which to begin its turn-around.

Here are my Long Term Trading Levels to watch out for:
1099.00
1084.25
1069.25
1051.00
1042.00

And here are my updated Trading Points which may be HIT (updated):
1097.50 (HIT)
1062.00 (HIT)
1042.00 (I know - scary to think about)

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.