Wednesday, May 31, 2006

S&P On the Close

Here is an updated 15 minute bar chart of the S&P which I commented on an hour or so ago.

I thought the downside volume burst meant that the market would drop further but instead it rallied. I think it will bounce off of resistance at 1275. This would give the move up from 1256 a three phase look and clear the way for a drop to 1250.

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