Wednesday, July 06, 2005

S&P


The September S&P futures closed below what I thought would be support at 1201. Coming after a lower top at 1210 this is bearish action and tells me that the market is headed for the bottom of its current box which stands at 1180. My best guess is that the upcoming low will be a bit higher, probably at 1183 or so. After that I think the S&P's will finally break out above 1230.

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