Thursday, September 29, 2005


Here is an updated hourly chart of the December S&P futures. I think the market is in the process of accelerating above the top of the box at 1224 and in a week or so it should rally to the top of the next box at 1268.

There is some supporting evidence to be found in the daily count of the number of advancing issues on the New York Stock Exchange. This is the second chart above this post. Note the upward zig-zag in the black line which records the daily numbers. Note also that the 10 day moving average (red line) has turned upward from a level that was even lower than that recorded when the market was on its way down to 1135 this past spring. These three advancing issues observations are harbringers of rising prices.

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