S&P

Here is an updated hourly chart of the March '06 S&P futures.

The past two days I have been the yo-yo at the end of the market's string. In any event, this afternoon's acceleration upward out of the first four hours range tells me that the reaction target at 1255 will not be reached and that the market is headed for the 1298 short term upside target. This message is consistent with the improved reading in the advancing issues indicator yesterday which I commented upon here.