Monday, October 24, 2005

Onward and Upward

After an afternoon pause the S&P futures have resumed their advance. The updated hourly chart above of the December contract now shows two consecutive higher tops and two consecutive higher lows. Combining this with the strong showing of the advancing issues number and the excessively bearish market sentiment leads me to now conclude that the October 13 low at 1172 will hold and that the market has started its rally to 1350.

1 comment:

Mike Rubin said...

Very interesting.

I am not much of an economist, though I would love to learn more. I don't understand the graphs on your blog but I suppose with repetitive visits I will eventualy become more familiar with the terminology and figures.

I will be back