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1000 SPX and 2000 Nasdaq Comp up ahead?

|Includes: DIA, ONEQ, SPDR S&P 500 Trust ETF (SPY), SPY

With July 2009 drawing to a close as a historically strong performing month, major indices are approaching key round levels that haven't been seen in some time.

The S&P 500 Index (SPX) (NYSEARCA:SPY) is closing in on the key 1,000 level -- currently at 988.77.

The Nasdaq Composite (COMP) was briefly above 2,000 this week -- currently at 1987.61.

The Dow Industrials (NASDAQ:INDU) (NYSEARCA:DIA) have already taken out 9,000 -- currently sitting at 9,185 -- many are talking about a possible test of 10k this year.

Major round strike prices are often important psychological and technical levels -- in my view how the indices react as they approach these key levels (a clear breakout above or pullback lower) will be important to determining the next major trend direction in the markets.

I trade SPY options in BigTrends Index Options Timer (IOT) advisory program using a short-term system that has been extremely successful.  For more information check out BigTrends.com