Wednesday, November 30, 2005

S&P Again

Here is another updated hourly chart of the December S&P futures.

The market has not bounced up from 1256 support. The refusal to rally from support is usually a sign that the market is headed lower. I think the reaction will now be as big (27 points or so) as the break at the end of October that ended near 118o. If so we should soon see the S&P futures near the 1/2 point of the current box at 1246. My best guess is that the market will stop a point or two above that level.

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