Wednesday, May 24, 2006


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

I think the market has just completed a reaction to a low above yesterday afternoon's electronic low at 1246.25 (not shown on the chart). The subsequent rally should carry above yesterday's high and this will confirm the start of a bigger three phase rally. The first phase of this rally should carrry to 1285.

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