Tuesday, May 24, 2005

S&P update

Above you will see an hourly chart showing the short term boxes in the June S&P futures. The market bounced off of the top of the second box at 1197 as expected but only made it down (so far) to the 3/4 point of the same box at 1190 instead of the 1/2 point of the box at 1182. Since I am very bullish on this market I think the big risk here is missing the upmove so I think one must presume that the market is now headed for the 1/2 point of the third box at 1212.

If my assessment is wrong and the market breaks first then I still think it is a buy near the 1/2 point of its second box at 1182.

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