Thursday, June 23, 2005

Revised S&P Boxes

The break below 1214 support convinced me to revise the position of the S&P boxes that I am using to measure the uptrend from the April daytime low in the June S&P at 1136.80. I now think these boxes are 43.70 points high with the top of the first box at 1180.50, the daytime high on May 6 of the first rally off the low.

The top of the second box is 1224.20 while the 1/2 point of this box is 1202.30. I think the current break will find support in the 1202-1205 zone and that the next upmove will carry the market above 1230.

No comments: