Tuesday, July 27, 2010
Here is an hourly bar chart which updates the daily chart I discussed a week ago.
The e-minis are continuing the swing up to the initial target of 1145-50. That zone is the confluence of the upper channel line (green dashed lines) and the midpoint of the second 96 point box of this uptrend. In the meantime I think the top of the first box at 1099 will act as support for the market.
I believe that the S&P 500 is in the early stages of a move upward that will carry it to 1300 and above over the next 8 months.