Wednesday, November 08, 2006

S&P Update


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

As you can see the market has finally accelerated above resistance at 1386.25. At this juncture I would not expect any reaction to exceed 5 points or so, the length of the early reaction today from 1387.50 to 1382.25. This move will probably continue up at least to 1399 before it meets any significant selling.

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