Tuesday, January 10, 2006


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

I've drawn black lines to indicate support and resistance and the path I expect the market in terms of price levels (the time dimension is not something I pay much attention to over the short run).

Right now I think the market is reacting to support at 1285 and from there will rally to 1310, hesitate a little, and then continue up to 1322. From this last level I think a more substantial break will develop, but only one of 20 or 30 points.

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