Thursday, November 03, 2005


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

The market has reached the top of the current box near 1224 and moved a few points above 1223 which I had cited as minor resistance. I think the market is in the early stages of a breakout move and if I am right about this the reactions against the trend will get progressively smaller. So I think that any reaction from here will find support around 1212-1213 and that the next step up will carry to the 1/2 point of the next box around 1246.

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