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.