Wednesday, November 02, 2005


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

The lower top at 1210.50 after the Fed interest rate increase yesterday afternoon led me to conclude that the market would make a lower low at 1195. This morning you can see that the market is instead breaking out above that 1210.50 top. Since I am very bullish I must conclude that we are on the way to 1223 and eventually much higher than that.

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