Friday, September 23, 2005
Here is an updated hourly chart of pit trading in the December S&P futures.
The market bounced of the bottom of the box (blue line) defined by the first reaction in the drop from the 1250 level. It has rallied to the top of its current box at 1224 (red line) which is part of the sequence of boxes which starts from the 1136.80 pit low this past April.
I think the market is about to break decisively above the 1224 level and if it does the way will be clear for a rally to the top of the next "red" box at 1268.