Tuesday, May 16, 2006

S&P Update

Here is an updated five minute bar chart of the June S&P e-minis. I commented on this chart earlier today.

The rally from the day's low at 1291.50 went a bit further and lasted longer than I expected but I still think the odds are good that we will see a 1290 print before another rally gets underway. A move to 1306 is then likely but once it is complete look for a drop to 1266 or so.

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