Friday, September 01, 2006

S&P


Here is an hourly chart of the September S&P e-mini futures. I last commented on this chart here.

As you can see the market has nearly reached the 1315 target and I think that next week will see at least the first phase of a three phase corrective move. I doubt that any correction will drop the market below 1291. In any event the subsequent up move should carry futures above 1331, the bull market high so far.

I still think that the futures will trade above 1400 by the end of the year.
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2 comments:

  1. Anonymous9/01/2006 10:40:00 PM

    Carl, just found your site, very interesting reading - I'll keep watching.

    Thx,

    Chris

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  2. Anonymous9/02/2006 02:11:00 AM

    S&P like in August would like to move up for the first 3 trading days? In such a scenerio ,may be the correction down could start after sep 7th?
    came from a ref in prophet blog.
    Excellent work.
    I trade mostly options on SPY watching ES.(less on DIA,IWM)

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