Wednesday, April 12, 2006
Here is a 15 minute bar chart showing regular hours trading in the June S&P e-mini futures.
I still think the market has completed the drop from 1324. I have found that more often than not the first phase of a new advance looks like it may only be a correction. With this in mind I note that the move up from yesterday's low at 1289.25 does not have three distinct phases. So I am expecting the drop from today's high to end near 1290 and to be followed by a move to 1300 or so. After that it is likely that the market will again visit the 1290 level in preperation for a subsequent move to 1330 and higher.