Monday, May 15, 2006

S&P Update

Here is an updated version of the five minute bar chart which I discussed this morning.

I think the S&P is on its way above the 1299 level and this will confirm the start of a move into the 1310-15 range. The expected rally will be only the second phase of what I think will be a three phase correction. I expect the third phase to carry the market down from the 1310-15 zone to 1265 or so.