Wednesday, August 16, 2006

S&P Update

Here is an updated version of the hourly September S&P e-mini futures chart that I commented on this morning.

The market has taken a peek above the 1297.75 high and I think the odds are better than even that we shall now see a modest reaction. I have raised my estimate of support to 1289 from 1283. My short term upside target is still 1309 and I also think we shall see the 1417 level later this year.

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