Tuesday, April 18, 2006


Here is a 15 minute chart showing regular hours trading in the June S&P e-mini futures. I last commented on this chart yesterday afternoon at the close.

After the shakeout below the 1289 level yesterday the market has recovered rapidly. This morning it broke above the high of last week's trading range on very high volume. This means that the move to 1350 has begun and I do not expect the market to drop much below the 1300 level in the meantime.

My best guess now for the timing of the bull market top (1350 or higher) is early June. This would coincide with the standard time projection for Lindsay's domed house formation as well as with a top-to-top count and a low-low-high count.

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