Thursday, August 04, 2005
Here is an updated hourly chart of the September S&P futures. In my last post I said that the reaction should be complete at the 1241 level but as you can see the market didn't agree. It now looks to be like the S&P's will drop to the bottom of the very short term trading box near 1235. This coincides with the 1/4 division point of the 43.70 point box and is shown as the dotted red line in the chart.
I am very bullish on this market and is such a situation I prefer to be an agressive buyer on reactions so that I won't miss the big upswings I am expecting.