Tuesday, April 11, 2006
Here is a pair of 15 minute bar charts showing regular hours trading in the June S&P e-mini futures. I last commented on these charts a few days ago.
The market has dropped to 1296.25 so far, just a tad above the support level at 1296. On the second chart above this post you can see that the move down to the low so far shows climactic volume. I think this will turn out to be the point of maximum selling pressure on the market. I expect a rally of 5-6 points followed by a slightly lower low (maybe 1294) on significantly reduced volume. At that juncture the drop from red point A on the first chart will probably be complete.
The next big move should carry the market up above 1330.