Here is an updated 15 minute bar chart showing regular hours trading in the September S&P e-min futures. I commented on this market about an hour ago.
I think the market has broken decisively above what I see as resistance near 1256. The rally from yesterday's low at 1247.25 is now the biggest rally since the 1270.75 top made last Thursday. These two facts mean that the drop from 1270.75 is over and that the market is now headed for 1282.
I am especially encouraged by the fact that this correction stopped exactly on the 1 and 5/8 multiple of the 2002 low at 767.50. The market has "climbed back on top" of long term support and this is another piece of evidence that the S&P's are headed for 1350 this summer.
No comments:
Post a Comment