Friday, July 07, 2006

S&P Update

Here is an hourly chart showing regular hours trading in the September S&P e-mini futures. I commented on this chart earlier today.

Contrary to my expectation the market brokeout below the low of its recent trading range. So I am returning to the view I expressed earlier this week that the reaction will continue down to support near 1265. Now it definitely looks like a three phase move and I shall be expecting a move up to 1310 after the low point is reached.

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