Tuesday, January 03, 2006


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

The market has rallied sharply from the 1252 level, but it has reached resistance at 1264. I think it will stall here and then drop to my downside target near 1243. If the S&P's surprise me with strength above 1264 I will then start looking for a move to 1298.

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