Thursday, October 05, 2006

S&P


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

The market has traded all day today in a narrow, four point range. I am willing to bet that we are about to see a quick rally to 1363 or so which will be followed by a 10 point break. This activity is all occuring within an uptrend which so far shows no sign of ending, so I think substantially higher prices will be seen after the upcoming reaction is over.

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