Thursday, October 26, 2006

S&P Update


Here is an hourly chart of the December S&P e-mini futures. I commented on this market earlier today.

The market stopped a point shy of 1384 support this morning and now appears ready to make new highs for the move instead of the lower top I expected this morning. However I think the S&P's will stall near 1395 and then drop in the first phase of a three phase reaction to 1379 or so.

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