Thursday, May 18, 2006
Here is a 15 minute bar chart of the June S&P 500 futures. I commented on this market a couple of hours ago.
As you can see my 1266 target has been reached. After yesterday's volume climax subsequent lows have been associated with lower volume peaks. This is a sign that the selling pressure is abating. The second sign that selling pressure is abating is that today about 1300 issues on the NYSE are higher than the last close while yesterday only 588 issues managed this feat.
I think the S&P's are making a low here and are about to rally to 1300 or so.