Monday, December 19, 2005


Here is an updated hourly chart showing pit trading in the March '06 S&P futures.

I thought the market would hold support in the 1274-74 zone but after a modest rally the S&P's broke below that level this afternoon. It looks to me like the market is headed for 1264 or so before it can begin a move to the next upside target at 1298.

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