Monday, July 17, 2006


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

I still think the S&P's will rally from here at least to 1251 and more probably into the 1260-70 range. At the moment I think this rally will be followed by a drop slightly below the June low of 1229. I have lowered my target slightly from 1224 to 1219.

I think the next 100 points in the S&P from current levels will be upward.

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