S&P

Here is an updated version of the June S&P futures chart I discussed Tuesday afternoon.

I still think this market is about to move up above 1321. The thing I find most encouraging is the comparison of the activity today to the activity that occurred near the preceeding high points c, e, and g.

At each of those preceeding highs the market got hit with serious selling as soon as it took a peek above the 1317 level. Today there was some selling when the market broke above 1317 but it only produced a six point drop which was immediately followed by a rally to new highs for the day. It looks to me like the bears are running out of ammuntion. I think the market will soon be trading at 1328.