Wednesday, May 03, 2006

S&P Update

Here is a 15 minute bar chart showing regular hours trading in the June S&P e-mini futures. I commented on this chart earlier today.

I think that the market has decisively broken below the 1311.50 level (black line) and I conclude that it is heading for 1300 and possibly for 1288 (these are the last two significant reaction lows).

I still think that this market will head much higher once the current break is complete.

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