Tuesday, May 10, 2005

May 10 S&P Boxes

The hourly bar chart you see above depicts my short term box analysis of the June S&P futures. The solid red lines delimit the short term boxes each 30 points in width. The dashed lines are the halfway points of these boxes while the dotted lines are the 1/4 and 3/4 points of the boxes.

As I write this the market has dropped to 1165, just below the top edge (1167) of the first short term box. Having reacted from the halfway point of the second box in what I believe is an uptrend the market now looks like a buy to me here.

No comments: