Tuesday, December 06, 2005

Late Break

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

The last hour break has been fast and followed a slight move to new bull market highs. This tells me that we are now in the second downward phase of the reaction from 1273 top on November 25. The most likely support level I see is around 1255 and a more bearish but less likely level is near the 1/2 point of the current box near 1246.

I still think the 1290 level will be reached in a week or two.

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