Friday, August 05, 2005


Here is an updated hourly chart of the September S&P futures.

The reaction from Wednesday's high around 1248 has been quite a bit deeper than I had anticipated. This is a frequent experience because I find it very difficult to guess correctly just where a one - to - three day reaction against a trend will begin and end. I also observe that those who try to make such guesses usually find themselves on the sidelines when big moves get underway.

In any case I now think the market will not go below the bottom of its current box near 1224. The next upswing will move to the top of the current box near 1268.


Anonymous said...

Are we still safe?
Could we have seen the top?

Carl Futia said...

I still believe that the S&P will move substantially higher over the next 4-6 months.