The hourly chart above shows that the September S&P futures have again dropped to the bottom of the current box. I think this is strong support and that the market will head up from here. The 1268 level, the top of the current box, is the next target.
3 comments:
Carl, now that the S&P has broke 1225 and settled at 1219, what's your take on the uptrend?
Thanks!
The futures closed around 1221. This box is almost 44 points high so I'd have to see the market trade below 1224 for a few days before I'd expect a move down to the 1/2 point of the next box around 1202.
I still see sellers on hair trigger alert for any sign of weakness and until these same people are eager to buy breaks I just don't think this market has much downside.
Thanks as always Carl!
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