The Key Levels For The U.S. Market On Thursday

Here are the key levels that you need to know going into tomorrow.  Right now the 2848 on the S&P, the 1596 level on the RUSSELL futures, the 26345 area on the Dow Futures, and 6968 area on the NASDAQ Futures are key.

I mentioned last night that after the SOTU and FOMC, I am looking for a retracement.  There are going to be those value buyers.  They will say that they liked it up there, but love it up here.  That is going to cause some buying to take place.  That should at least push us back to the speed lines.  What happens from there is what is most important.

I used the RUSSELL as a guided today.  I wanted to see if the market would start to drive back down.  It ended up doing that.  That meant that we were below the speed lines at that point on the NASDAQ.  I ended up firing off several shorts in the Live Trading Room. That was the correct course of action each time.

It is going to be even more critical tomorrow because several parts of these patterns are forming.  If we start breaking down below the lows from the last couple days in the NASDAQ, RUSSELL, and DOW, that could accelerate the profit taking.  There is nothing to worry about from my perspective.  This market could drop 50 percent and still the DOW 13000.  These are trading activities.  This is why you want to know this information.

I am going to be watching these very closely into tomorrow.  If you missed my levels make sure to write them down.  I will be much more bullish in the RUSSELL starts to recover here.  I am looking for some short term gains.  I am waiting to see how the challenge points come from the recent highs.  Do we hold those and start to roll over again?  That could more detrimental to the market.  I will be keeping an eye on all of those things!  Stay tuned for the next videos!

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