Today should be an interesting trading day. Overnight, the market has fallen to the 1300 level. We discussed this potential in last night’s Chart Reading Mastery class where we talked about anticipating the likely next market move based on the current wave structure. Nice job class members!
The key question for today is will this level hold or will we see further deterioration in price?
If 1300 does hold, the next question becomes, how much higher above yesterday’s low of 1305 can the market rally? It is also possible, of course that the market finds resistance at 1305.
Should 1300 fail to hold, the next level down would be the 1296-1294 area.
These are the levels I will be watching today. The process also gives you a little idea about how I think about the market: “If the market does this, it will likely do that.”
Tomorrow, we have a special live trading event sponsored by TradeGuider Systems and the VSA Club. This is pretty special as David Weis and Tom Williams will both be there. It is free, so you shouldn’t miss it. You can check out this post for more info, including registration: Free Live Trading Web Seminar
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