Tuesday, July 11, 2006


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

So far the market has dropped as low as 1267.50, close enough to 1265 support to admit the possiblity that the drop from 1290 is over. Even so, I don't yet see any persuasive evidence that the low has been made so I shall operate on the premise that the 1265 level will be reached or slightly breeched later today or tomorrow.

In any even I think the next significant development will be a rally to 1310.

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