Wednesday, May 17, 2006

S&P 12 noon EDT update

Here is an updated 15 minute chart of the June S&P futures. I last commented on this chart a short while ago.

The market has reached temporary support at 1274 on what appears to be a volume climax. A rally to 1289 or so should be the next development. I think that after this rally the market will drop to 1266 or so on lower volume than we have seen on the drop from 1301, yesterday's high.

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