Friday, September 30, 2005
Here is an updated hourly chart of pit trading in the December S&P.
I have drawn in blue the 17.40 point short term price boxes which will probably control the move up from the recent 1211 low. Note that the top of the current blue box nearly coincides witht the 1/2 division point of the current red box. These red boxes are controlling the up move from the April pit low at 1136.80 and are 43.70 points high.
I think that the market will shortly reach the 1246 level and after a brief period of hesitation move into the 1268-1271 zone which marks the top of the current red box and the 1/2 division point of the second blue box above the current one.