Wednesday, July 19, 2006


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

The market rallied above the 1257 target on Bernanke's testimony. I have changed my view a bit and now think it likely that the market will continue up to 1280 before making an attempt to break the June 14 low at 1229. If I am right about this then the 1250 support level should hold.

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