Wednesday, November 01, 2006

S&P Update

Here is the updated hourly chart of the December S&P futures I showed you earlier today.

I had thought that the lack of follow up selling after 4 consecutive wide range down bars indicated that the market was headed for 1389 and higher. But after a brief rally we did indeed see some significant follow up selling. So I must conclude that the market is headed for 1369 this trip.

1 comment:

Anonymous said...

SPX 1369-1370 is a harmonic decline of 26+/- points similar to other declines over last several months

http://www.zanet.co.uk/tradertom/images/dow1november.jpg